The consensus of the 35 intermediate-term technical indicators we use remains on the sell signal for gold.
But gold again became oversold beneath its 20-week m.a. and has been attempting to rally again.
The oversold condition shows more clearly on the short-term charts.
The short-term rally attempt has gold back up at the potential resistance at its 50-day m.a.
Will it break through this time? Are the monetary moves by China (cutting interest rates), and the president of the European Central Bank promising aggressive QE bond-buying, both aimed at creating some inflation in their economies, sufficient support for a continuing gold rally?
Whoops! That’s all the time for free stuff. Have to get on the premium content for subscribers.
I’ll be back Thursday morning, (Thanksgiving Day in the U.S., but business as usual most everywhere else), at 9:25 a.m.
To read my weekend newspaper column click here: Global Economies Will Dictate Rate Hike Timing
Subscribers to Street Smart Report:
In addition to the charts and signals in the ‘premium content’ area of this blog, there will be an in-depth Markets (Stocks, Gold, Bonds) tomorrow in your secure area of the Street Smart Report website.
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Sy Harding publishes the financial website Street Smart Report Online and a free daily Internet blog at Sy’s Free Blog. In 1999 he authored Riding The Bear – How To Prosper In the Coming Bear Market. His latest book is Beat the Market the Easy Way! – Proven Seasonal Strategies Double Market’s Performance!
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