Gold is Reaching an All-Time Record High!
October 6th, 2009 Posted in Analyst Picks, Oil and Precious Metals
As the Dollar continues to lose ground against the Euro, and high-uncertainty still applies, the major economies and investors appear to be putting their faith in Gold.
The precious metal is traded for $1025 an ounce, and is on its way to make an all-time record.
• The chart below is the gold weekly chart by ForexYard.
• The technical indicators used are the Bollinger Bands, the Slow Stochastic, the MACD/OsMA and the Relative Strength Index (RSI).
• The current trend line is clearly up, with the next significant resistant level placed at the $1031 level.
• A bullish cross of the Slow Stochastic takes place at very “high” level, just below the 80 line. This means that the reversal pressure didn’t even have the chance to build momentum.
• The MACD continues with its upward direction, indicating that the bullish trend can go farther.
• The RSI has picked at the Over-Bought Zone, yet it doesn’t provide any indication for reversal yet.
• If gold will indeed breach through the $1031 level, another sharp upward movement may take place as a result.
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Tags: Au, Commodities, commodity trading, Forex, forex tips, Forex Trading, Gold, Gold forecast, gold price, Gold trading, precious metals
