Gold Charts Can Help Point You In The Right Direction

Gold where to now.... Gold has made top at the 430 level right on schedual....that is to say when gold is running up quickly in the beginning of the year it likes to make a high and then move down.

This observation may help, often gold makes it's final high,( or at least intermediate high) if not in January, then in the first week of February.

On the gold chart below I've placed arrows when gold has topped in either January or the first 10 days of February.

So with gold moving down since 1-12-04, two questions arises...
1) Where is the support on the downside that will hold.
2) And will it at least rally back to the highs of 430 in the near term?

Looking at the daily chart below, it would appear that good support
is between 390 and 400...that's near term.

So, this researcher suggests that if gold holds at 400 in the next week, then price will most likely go back to retest the highs in late January or early Febuary, before going into an extended sideways trading range.

What if gold drops below 400 between 1-20-04 and 1-30-04. Then there could still be some sort of rally back, but it most likely will not rally as high.

Seasonal pattern of gold Gold Chart Seasonal Pattern

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