$GC_F 1 year, daily chart. Gold futures holding support levels.

By October 22, 2011 Gold Futures No Comments

There are as many opinions on the direction of the price of gold now as there are pretty girls in the Carolinas (that’s a lot), so I thought let’s do the logical thing and see what Mr. Chart says.

According to Mr. Chart and Mr. Fibonacci gold is holding at support levels of 1543.9 and 1616.4 with a projected target of 2068.7.

To break this uptrend, a daily candle would have to close below the 61.8% level of 1543.9.

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GC_F 1 year, daily chart. Support levels holding.

GC_F 1 year, daily chart. Support levels holding.


No Comments

  • Gold Rate says:

    Either gold is going to turn down here and test the $1500 area real quick before going higher or its going to have another daily cycle up to $1750-$1800 then it may break down again. IMHO, a break down would be great as it’s still a good buying opporutnity, even if we get to the 50% fib. Right now its just range trading and doesn’t give you a good risk/reward entry.

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