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Gold Facing Important Test

Commodities / Gold and Silver 2011 Jan 19, 2011 - 09:49 AM GMT

By: Marty_Chenard

Commodities

An important test level for Gold ...

You know that I don't cover Gold, but many of our readers liked the last Gold update ... so, I will post another one today.

Bottom line: The chart below explains what is going on. If you look at our zero based RSI reading, it is now below a support level and slightly negative. That represents a negative bias.


If you look at the price chart, you can see that it is facing a critical test at it support line now. Gold needs to hold this support, or it will see a correction.

A correction with a higher-low wouldn't be a bad thing because it would be a buying opportunity for those interested.

** Feel free to share this page with others by using the "Send this Page to a Friend" link below.

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By Marty Chenard
http://www.stocktiming.com/

Please Note: We do not issue Buy or Sell timing recommendations on these Free daily update pages . I hope you understand, that in fairness, our Buy/Sell recommendations and advanced market Models are only available to our paid subscribers on a password required basis. Membership information

Marty Chenard is the Author and Teacher of two Seminar Courses on "Advanced Technical Analysis Investing", Mr. Chenard has been investing for over 30 years. In 2001 when the NASDAQ dropped 24.5%, his personal investment performance for the year was a gain of 57.428%. He is an Advanced Stock Market Technical Analyst that has developed his own proprietary analytical tools.  As a result, he was out of the market two weeks before the 1987 Crash in the most recent Bear Market he faxed his Members in March 2000 telling them all to SELL.  He is an advanced technical analyst and not an investment advisor, nor a securities broker.

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