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A Chart for Today

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This chart courtesy Stockcharts.com shows the weekly trend for gold.  Price produced a ‘downside reversal’ last week, and the usual result is at least one week of lower prices.  In the event that gold can shake of the negative effect of the DR, price may be able to break out at the blue arrow.  That would be very bullish.  The supporting indicators are positive and the moving averages are in positive alignment, and rising (green oval).

Peter Degraaf is an investor with over 50 years of experience.  Google him or visit www.pdegraaf.com

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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