Sunday, August 28, 2011

Gold weekly Change in Trend?

We saw a regular 55 and 89 week cycle arrived at last week's All time High at 1894 that touched the double upper Trend line resistance and reversed and dropped 177 points into 8/24 Lows.  

Corrections since November 2008 Lows:

1. 138.40 02/09H - 04/09L
2. 168.40 12/09H - 02/10L
3. 102.50 06/10H- 07/10L
4. 103.00 12/10H - 01/11L
5. 177.00 8/22/11H - 8/24/11L => Potential CIT to watch!

This is a noticeable Change in Trend wrt to the last 4 corrections since the November 2008 Lows, when the 3rd steepest uptrend began as we saw a sharper decline (177) than the last 4 corrections in a shortest amount of time (2 days).

Despite last week sharp reversal lower, as long as we remain above the 3rd higher trend line, currently at 1564, the trend remains bullish. A decline and close below 1564 would be bearish.

1 comment:

astrofibo said...