Fresh near-term technical damage has been inflicted on the gold chart.
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Importantly, while some near-term technical damage has occurred on the daily chart for gold, the longer-term technical posture for gold remains bullish, as the longer-term price uptrend on the monthly gold chart remains firmly in place.
Importantly, while some near-term technical damage has occurred on the daily chart for gold (see technical analysis paragraph on gold below), the longer-term technical posture for gold remains bullish, as the longer-term price uptrend on the monthly gold chart remains firmly in place.
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Many analysts have been more positive on the gold mining stocks but the weekly chart of the Market Vectors Gold Miners ETF ( GDX) looks ready to complete a downside reversal this week.
This is a 5-year chart of gold with its 50- and 200-day moving averages.
Below is a chart of gold and silver prices as tracked by their respective ETFs, GLD and SLV.
The percentage chart for gold still shows an uptrend, but some are likely disappointed by the 77% gain.
The arrows on the above monthly chart of gold reflect the new monthly OBV highs going back to 2003.
Take a look at the chart from Gold Stock Analyst (GSA) depicting the price of gold going back to 1968.
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The current chart of gold futures shows that in 2011, gold prices did not always adhere to the typical seasonal pattern.
However, a three-week-old uptrend line is in place on the daily bar chart and gold bulls still have the overall near-term technical advantage.
However, twice already this month bearish key reversals have occurred on the daily bar chart and gold prices went on to score new highs.
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However, it should be noted that twice already this month bearish key reversals have occurred on the daily bar chart and gold prices went on to score new highs.
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Look at a chart of gold against silver.
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The chart indicates that gold prices did catch up over the next few months.
The weekly chart for April gold futures shows the market has reached extremely oversold levels.
The gold market also saw technical chart consolidation Thursday, following active price movements earlier this week.
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Darin Newsom, Telvent DTN senior analyst, said the technical-chart picture for gold favors a move higher in the short term.
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Chart Analysis : The weekly chart of the gold futures shows the completion of the flag formation (lines a and b) in the latter part of January.
The near-term technical chart picture for gold is also improving.
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The bulls need to step up and show fresh power soon to avoid further near-term chart damage, as a bearish pennant pattern may now be forming on the daily bar chart for April gold.
No chart damage has occurred recently, but the bulls are still a bit worried about the specter of a bearish double-top reversal pattern forming on the daily bar chart, if gold prices show more losses this week.
Technically, December gold futures have seen no serious chart damage inflicted with recent losses.
Others point to some technical chart developments that suggest gold is due for a retracement.
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Technically, the near term trend is still bearish on the daily chart for Comex Feb gold futures.
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This chart of the SPDR Gold Trust ( GLD) covers the action in GLD from August through December 2007.
Afshin Nabavi, head of trading with MKS Finance, linked much of the strength in gold and silver to technical-chart factors.
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Chart Analysis : The monthly chart of the Comex gold futures shows one of the strongest months since November 2009.
The daily chart of the SPDR Gold Trust ( GLD) shows a very broad trading range over the past three weeks.
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