Those who see weaker prices next week generally point to technical charts for that view.
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Perhaps rather than looking at surrounding conditions for guidance, we should look at the short-term technical charts.
Frank Lesh, broker and futures analyst with FuturePath Trading, said the technical charts look weak for gold.
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The fund relies on fundamental factors in its decision-making, rather than technical charts used by many shorter-term traders.
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For guidance on near-term direction, they said to keep an eye on technical charts, manufacturing sectors and outside markets for clues.
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And after being bearish in the spring and summer, I like what I see in the technical charts of many markets.
Foreclosures are picking up again, he said, and the various bank stock indexes are making lower highs and higher lows on technical charts.
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Looking at technical charts, Patton said gold is moving in an ever-tightening so-called triangle pattern with a progressive series of lower highs and higher lows.
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The technical charts show the bears have the edge near term.
Technical price charts were showing that support trend lines were starting to break in several markets including gold, grains and stocks.
Technical price charts are also bearish for gold.
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John Murphy, chief technical strategist at Stockcharts.com produced several charts laying out the bearish technical case for the builders.
The risks and negatives for gold are not only coming from the charts and technical analysis.
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We look for valuation, we have to like the technical setup of the charts and then we want to see some sort of catalyst.
Because technical analysts read stock charts and look for patterns in closing prices, sophisticates like to portray them as no more than cheap fortune-tellers reading tea leaves.
Gold is also seeing some technical consolidation on the charts.
And because technical analysts read stock charts and look for patterns in closing prices, sophisticates like to portray them as no more than cheap fortune tellers reading tea leaves.
All of the pretending can now be seen clearly and the technical breakdown on the charts indicates that those days of going along with the deception are about over.
Founded in 2001, AONE is not even close to turning a profit at this stage of the game, so any long side play of AONE is based purely on the technical read of the charts, and nothing more.
However, a closer look at the charts suggests a technical breakdown is underway.
Technical analysis is powerful because charts are a reflection of emotions, and the gold trade has become crowded with irrational retail investors who buy into the hype at exactly the wrong time.
When the market loses its momentum leaders, and you start seeing technical damage to individual stocks charts while the indices hang on by a thread, it is a sign of things to come.
Both the weekly and daily charts of my key technical indicators (see below ) are positive, and while I expect more new market highs in the months ahead, I do not think it will be easy.
As with many technical methods, the longer time frame charts give the most reliable signals.
The old school father of technical analysis, Ralph Acampora, thinks macro charts look bullish as well.
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Near-term technical damage has been inflicted on the gold and silver charts this week.
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After first looking at the monthly charts, I also review the weekly and daily technical outlook for each stock.
The metal pushed through resistance at key price levels on the daily and weekly charts, which brought out buyers who trade based on technical chart signals and momentum.
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On a technical basis, the SOX is extremely overbought on both weekly and daily charts and set a new multi-year high at 474.33 on Friday.
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