Gold Strong Bullish Technical Setup

By: Michal_Matovcik

Ai note: our gold technical setup from April 24 2009, falling wedge pattern (rising flag)

Ai note: our gold chart from May 5 2009, fallinng wedge breakout

Ai note: today’s gold daily chart. Big inverted head and shoulders pattern, MA50 and MA100 clearly breaked above MA200, gold price breakout out of falling wedge /rising flag/ then retest of 50 day simple moving average. Now we are waiting for the right shoulder of the big formation. One problem was that after the breakout of falling wedge, there was very little rise in volume, what is not in favor of price behaviour for this kind of technical pattern.

Ai note: and finaly U.S. dollar index. After doubble top formation we see lower lows, break under the support, retest of break and now we have a clear way for the next leg down. So U.S. dollar index is also playing with gold strong bullisch technical setup. Next target for gold $1200-$1250.

Good Luck,

by Michal Matovcik
www.absolutideas.com

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