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Gold Market Update - 10th Oct

10/10/2012

1 Comment

 
After finding resistance at the rising trendline that was broken on Monday, gold sold off for most of the day yesterday and has continued to sell off this morning.

The selling is mild and orderly however and the market is still seeing lots of physical demand.

With the RSI on the daily chart falling towards 50, we do not expect to see significant further declines from here, though it is likely that there will be some further selling in the next day or two.

Today's video looks at the action from yesterday in more detail, our strategy for our next trade and some important Fib retracement levels.
1 Comment
DowTheorist link
10/10/2012 05:40:00 am

On October 4, something important happened in gold and silver that may be easily overlooked:

On that day, gold and silver displayed a very bullish signal long and short term, since both broke out the previous highs. We are “in the clear” and market action reaffirms the primary bullish trend. While a secondary reaction may develop, the message of Oct 4 breakout is clear: the market wants to go higher rather than lower in the long and medium term.

Here you can find additional information as to gold and silver's strength:

http://bit.ly/QK5T0C

And here about gold's primary bull market:

http://bit.ly/Ooer8T

Regards

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