Fund buying of gold has caused a break-out to higher prices. Note that for several days, the Klinger Volume indicator has shown heaving buying activity, even though prices remained flat. Today, gold prices have finally surges higher as volume has pushed through the range of the past few months. Gold appears poised to reach new highs now that the break-out has occurred.
The first chart shows the daily activity, and is an update of the gold daily charts I have posted over the past few weeks. As you can see, gold has broken through the trend line and is now moving forcefully higher once again.
The second chart shows the buying activity for today on the tick and 3-min charts.
Showing posts with label break-out. Show all posts
Showing posts with label break-out. Show all posts
Tuesday, February 19, 2008
Gold Breaks Outs of Range, Moves Higher
Thursday, January 31, 2008
Wheat Touches Trendline Support, Moves Higher
Wheat has touched trend line support at around 907, and has rebounded resolutely higher. Note that the 50-day moving average is also providing on-going support for wheat prices. Both the trend line and the moving average are depicted on this chart in light blue. If this continues, we should see a break-out, either up or down, within the next few days or weeks.
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