Technicals | Aug 23 2013
The TechWizard is seeing gold at a critical juncture in the next couple of weeks .
After bottoming out at US$1180/z in late June, gold has rallied back to 1388, a US$200+ rally in 8 weeks.
On a weekly chart, gold is bearish and is now running out of puff in the selling zone between a 25% and 38% retracement of the sell-off from the high of 1924 to the recent low 1180.
On the daily chart, price action looks like its formed an A-B-C correction pattern and it's clear that the uptrend has stalled in the last few days.
Therefore it's critical that the uptrend move higher from here and gain momentum or the bears will surprise a few people calling for gold to get to 1650 by year end, and fall hard and fast to 1150.
Gold Weekly
Gold Daily
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The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard's, not FNArena's (see our disclaimer).
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