My weekly piece for TraderPlanet.com just got posted. This week I take a look at the recent weakness in gold and discuss some of the possible areas of support traders should be looking at.
Back in September I discussed on my blog the momentum divergence that was taking place in gold and the importance of the 13-day moving average. In early October the price of gold broke its 13-day MA and never looked back.
Here’s a quick blurb:
After a decline we begin to look for levels of support to get an idea of where traders may begin adding long positions. There are many ways to skin a cat and probably even more way to find support for a falling security. The chart below shows a few different levels of support that traders could expect to hold.
Click over to the article to see what chart I’m referencing.
Gold Has Taken Some Punches, Is It Time to Buy? (TraderPlanet)
Disclaimer: Do not construe anything written in this post or this blog in its entirety as a recommendation, research, or an offer to buy or sell any securities. Everything written and/or displayed here is meant for educational and entertainment purposes only. I or my affiliates may hold positions in securities mentioned in the blog. Please see my Disclosure page for full disclaimer. Connect with Andrew on Google+.
