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How to Get Rich Investing in Stocks by Riding the Electron Wave

Gold Strong Bullish Technical Setup

Commodities / Gold & Silver 2009 May 21, 2009 - 06:11 AM GMT

By: Michal_Matovcik

Commodities

Best Financial Markets Analysis ArticleAi note: our gold technical setup from April 24 2009, falling wedge pattern (rising flag)


Ai note: our gold chart from May 5 2009, fallinng wedge breakout

Ai note: today’s gold daily chart. Big inverted head and shoulders pattern, MA50 and MA100 clearly breaked above MA200, gold price breakout out of falling wedge /rising flag/ then retest of 50 day simple moving average. Now we are waiting for the right shoulder of the big formation. One problem was that after the breakout of falling wedge, there was very little rise in volume, what is not in favor of price behaviour for this kind of technical pattern.

Ai note: and finaly U.S. dollar index. After doubble top formation we see lower lows, break under the support, retest of break and now we have a clear way for the next leg down. So U.S. dollar index is also playing with gold strong bullisch technical setup. Next target for gold $1200-$1250.

Good Luck,

by Michal Matovcik
www.absolutideas.com

I will not tell you where you can make a living, I could, but everyone has to find his own way to become wealthy. When you find it, you will be a lot happier, because you made it, not me, you will find the way how to be independent financially and I will feed your brain with all kinds of brain meal.  The basic motivation must be hunger for knowledge and other things will come up. After a week? Forget about it, there are other websites which claim they can make wise and wealthy investor in a short time. My basic intention to start absolutideas were my dear friends, who suffered big losses during the crisis years 2007-2008. I saw it coming, I also wrote about it but sometimes it is very hard to be honest and take responsible actions, although it only means to protect all the family wealth and no interesting yields for some time. Want to gain some stock market, forex markets, commodities insights? You will have the opportunity here. So don’t waste your expensive time in “about us” …

© 2009 Copyright Michal Matovcik - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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