Saturday, January 29, 2011

Gold Review

The market had it's worst day since mid August, it looked like many investors were taking their money out of equities and moving it to Gold.  So I thought I would post a couple of charts so we can get a better sense of where gold may be headed and what it needs to do to turn around.

Looking at the daily, Gold looks to have bounced off support and is ready to break resistance

But the weekly chart shows possibly a different story, with a 50 day magnet
 Where Gold heads from here will be interesting to watch.  With the charts on the markets breaking down, investors may start moving more into the metals.  Lets take a look at the S&P 500......

That's all I have for now.........have a great weekend and stay hard!

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