Time to buy gold?
A look at the weekly chart for the YG (mini gold futures) December contract highlights the importance of the 200 weekly ema. The 2005 breakout from a long period of somnolence was punctuated by multiple retest of the moving average. Last week's low of 736 came very close to that 728 mark and we bounced nicely from there. If we can hold the 765 level, last week's close, trading above 800 should happen soon. The problem is the lack of perceived inflation needed to fuel a steady rise. But if oil starts finding its footing soon, gold will get respect. 788 is a key resistance level to watch.
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on Monday, September 15, 2008 at 9/15/2008 05:31:00 PM.
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