Thursday, December 18, 2008

Gold Haulted at Resistance; Dec. 18, 2009

Above is a daily gold futures chart that shows a fibo resistance of 78% and a down sloping trendline from the previous two highs haulting gold's rally. This is significant because any follow through on the rally through that resistance would mean a new high for gold and it would break the downtrend of lower highs and lower lows. I expect gold to undergo a corrective decline over the next few days/weeks.

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