Tuesday, April 22, 2008

XAU 1 year chart

Here is a 1 year chart of the XAU with notations. Within resistance and support lines lay an upward drift pattern in the making. With gold below $950, watch for a violation of the lower trendline in the drifting pattern.

Your comments and observations are always welcome.


Marlboro Man said...
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1111 said...

Longer term ,going back to the 80ies,you will notice that 160 level served as a resistance for basically 20 years. Over the last 6 months we have been consolidating above that level. I am bullish so to me it looks like 280 is a potential target of this run.