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Gold Price Bounces off Support on Strong Internals

Commodities / Gold & Silver 2009 Mar 26, 2009 - 07:47 AM GMT

By: Chris_Vermeulen

Commodities Best Financial Markets Analysis ArticleGLD Gold ETF Fund – Daily Trading Chart
This week gold has been pulling back after last week's massive one day rally. Hopefully that rally was not a one-day wonder but rather a sign that smart money is still moving into gold and not most retail traders trying to make a quick buck.


Gold Bullion Trading Signals

Gold Stocks/Gold Bullion Ratio – Weekly Chart
This chart shows we now have a clean breakout, which is extremely bullish for the price of gold. This signal is not fully confirmed until we have the closing price Friday at 4pm ET.
Gold Bugs and Gold Ratio Chart

GDX Gold Miner Stocks Fund – Daily Trading Chart
This chart shows a nice rally to the February resistance level with a small bull flag and a daily close above resistance. Wednesday's price action is very bullish but our support trend line is much to steep for gold stocks to maintain. Those with a high-risk appetite may like this, but I prefer to wait for a more conservative setup.
Best Gold Miner Stocks Signals

The USD is Half Way Done It's Move
The Dollar broke down sharply a few weeks ago and is now forming a bear flag chart pattern. This pattern generally forms at the half way point of a move. If the trend continues, we can expect to see much lower prices for the USD in the next 1-2 weeks.
USD dollar Trading Chart

Gold Trading Conclusion:
While gold bullion is looking a little top heavy, the internals like gold stocks and the USD are shouting the opposite. Gold is currently at support, which is generally a good place to add to positions. If the price of gold breaks down from here, there is a clean exit point, which is a daily candle close below the support level on the GLD gold fund chart.

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By Chris Vermeulen
Chris@TheGoldAndOilGuy.com

Please visit my website for more information. http://www.TheGoldAndOilGuy.com

Chris Vermeulen is Founder of the popular trading site TheGoldAndOilGuy.com.  There he shares his highly successful, low-risk trading method.  For 6 years Chris has been a leader in teaching others to skillfully trade in gold, oil, and silver in both bull and bear markets.  Subscribers to his service depend on Chris' uniquely consistent investment opportunities that carry exceptionally low risk and high return.

This article is intended solely for information purposes. The opinions are those of the author only. Please conduct further research and consult your financial advisor before making any investment/trading decision. No responsibility can be accepted for losses that may result as a consequence of trading on the basis of this analysis.  

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