The Phaserl


Some Chart Analysis on Gold

from Dan Norcini:

In light of the recent apparent reversal by Fed Chairman Ben Bernanke when it comes to the timeline for any TAPERING of the Fed’s Bond Buying program, affectionately known as “QE” for short (I like to think it stands for QUICK and EASY profits for Wall Street), I felt it might be a good idea to take a look at where gold stands on the technical price charts.

Let’s start off with the Daily Chart only as I am pressed for time but wanted to get something posted for the readers. Note also I am using an old but very reliable technical indicator known as the Directional Movement Index. I like this index because it is basically a trending indicator. It is thus very useful for determining whether a market is in a TRENDING pattern or whether it is in a sideways or NON-TRENDING pattern.

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1 comment to Some Chart Analysis on Gold

  • mac

    think JPM and GS and the FED know how to draw a chart to freak us out !? – TA is used by most and it is easy to manipulate if you have the money, and the mafia have the money baby!

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