Friday, December 12, 2014
Two gold charts
So a drop below $116.70 or so probably means it drops to the SMA(50) and Bollinger mean at $115.60 or so. If you believe in that TA stuff. But that'd close off the uptrend in the MACD, and that's bad.
$4.76 or so is the horizontal support line from previous pivots. It was tested already last Thursday, so we don't want to see it tested again. As well, the Bollinger mean was tested at the end of November and the EMA(8) provided support since then, so we also don't want the Bollinger mean retested again.
It should be no big deal if the US dollar really is topping. Then again, who knows in this market? Maybe Wall Street Whitey has bought gold as a hedge against market losses... heh heh... heh heh heh... BWAHAHAHAHAAAA!
At least SLV isn't confirming any weakness in gold.