Technicals | Feb 23 2016
By Michael Gable
Gold has been attracting some attention lately, so today we take a look at the USD gold chart.
Gold [USD] has had a great little run the last few weeks. It often has a nice run up, only to fall in a heap again which is why we haven't been getting too excited about the gold price over the last few years. You can see here that it has been trending down that whole time anyway. However, the recent move on gold has seen it make a "higher high" which means that price action is starting to get a little more bullish now. It should now ease back to make a "higher low", probably between about $1150 and $1200. If it can hold those levels then we can get positive on gold. If it has indeed found a low then, the price of gold could run up towards resistance at $1480 over the next several months.
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Michael Gable is managing Director of Fairmont Equities (www.fairmontequities.com)
Michael assists investors to achieve their goals by providing advice ranging from short term trading to longer term portfolio management, deals in all ASX listed securities and specialises in covered call writing to help long term investors protect their share portfolios and generate additional income.
Michael is RG146 Accredited and holds the following formal qualifications:
• Bachelor of Engineering, Hons. (University of Sydney)
• Bachelor of Commerce (University of Sydney)
• Diploma of Mortgage Lending (Finsia)
• Diploma of Financial Services [Financial Planning] (Finsia)
• Completion of ASX Accredited Derivatives Adviser Levels 1 & 2
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Disclaimer
Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities Pty Ltd is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.
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