Technicals | Nov 19 2010
By Rudi Filapek-Vandyck
The TechWizard reported last night his proprietary trading system had started to generate yellow bars on price charts. This in itself is nothing special, other than that last time it happened the signal proved the precursor to another rally higher. Even before last night's upward movement in the gold price, the Wizard said his bias had again turned towards a resumption of gold's upward trend.
As such, the Wizard suggests gold might be on its way to setting a new record high.
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).