The Phaserl


Gold’s Support at $1000/Oz

by Jordan Roy-Byrne, TheDailyGold:

Gold and gold miners have rebounded but remain in a technically weak position. Both markets have failed to move beyond the highs made last Friday. The same happened to the gold stocks in early October. They exploded higher one day but failed to muster anything after that. At that time Gold continued its rally for a few weeks. This time Gold has struggled to sustain Friday’s gains. While we are coming to the end of the bear market and one should not be too bearish, the downside target of $1000/oz Gold remains well in play.

The chart below shows the weekly Gold close since 1980 and the net non-commercial (speculative) position as a percentage of open interest. From this chart we can deduce the two most important levels: $720/oz and $1000/oz. Give or take $5/oz, $720/oz was the secondary peak in 1980, the peak in 2006, small resistance in 2007 and major support in 2008. Gold’s bottom in 2008 wasn’t random. It bottomed at an important pivot point around $700/oz. Today, Gold is in a downtrend without any major support until the $1000/oz level. That level marked important support and resistance from 2008 to 2010 and is the next major support.

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1 comment to Gold’s Support at $1000/Oz

  • Steelerdude

    I agree gold to $1000….but I think $900 somewhere…the govt doesnt want you in gold and silver PERIOD!
    The govt is also trying to destroy single handed the mining industry…they want you in those paper dollars.

    If only the mining industry would stop supplying the US govt with gold and silver…
    The miners better think of something quick…unless they have that many outside
    countries buying…

    Im still buying on the way down…little here little there…its pure and simple…
    Its insurance….
    take care God Bless everyone that posts here on SGT

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