Gold, here

GOLD:


Readers recall we resisted buying Gold, predicting a retracement from the $890 high of a few weeks ago. Since then Gold has behaved exactly as expected and we have seen our retracement. It's a busy chart, but there are 4 key elements which make a Gold position favorable here. Gold now presents a favorable entry point for the patient trader.

The convergance of primary indicators in order of importance are:

#1 A bounce off the upward trending 50 DMA
#2 Trendline support
#3 Multiple Fibonacci support

Secondary indicators (#4) also point to a favorable risk entry.

GG



Following on the Gold theme, non commodity traders will appreciate the Goldcorp chart. Like the Gold chart above, it too is displaying multiple indications. A convergence of a trend line and Moving average privide primary clues with oscillators showing stong agreement. From these we can derive 2 targets and one stop.
TRADE UPDATE 1/24: GG trade up 18% with more room to grow.