by Bill Downey     Price Analysis of Gold and Silver
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Technical Analysis Trading Gold, Trading Silver/ analysis By Bill Downey providing key turning points & charts for investors and speculators in Precious Metals Trading, and Precious Metals Markets

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A closer view of the long term gold support and resistance points

03 Oct 2016 4:29 PM | Bill Downey (Administrator)

a closer view of the long term gold support and resistance points

Instead of using a 200 day or week moving average, we use a Fibonacci 233 week moving average. Look how the moving average and the 2011 downtrend line together make this the biggest resistance to gold moving forward. Additional long term resistance lies around the 1450 area of the upper black trend line. Support on the long term lies at the lower black channel line near 1220 and where the Fibonacci 89 week moving average resides as well.

Gold must get above the 233 week moving average and the 2011 downtrend line in order for the next leg of a gold bull market to develop. Until then, gold is still vulnerable to move lower on this long term chart (zoom in). Two monthly closes above the 2014 gold high of 1388 would pretty much insure the next leg of the bull is underway.



Technical Analysis :: Gold & Silver

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