Gold Chart Technical Analysis
One of the minor features of Coin Network is a page showing the latest precious metals prices and some historical charts. You can find this section in the drop down menu beneath the Resources tab. Or access the page directly at Precious Metals Prices.
The current prices section shows the latest price of gold, silver, and platinum. These prices and charts should update every time you visit or refresh the page. These are 24 hour quotes which track the price across Asia, Europe, and NY markets.
The remaining sections show some longer term charts of gold, silver, and platinum. Small charts are displayed for 1 year, 5 year, and 10 year time frames. These charts are updated periodically, but you could always click through to Kitco for the most up to date chart.
In updating the charts today, the gold charts caught my attention and prompted this blog post. I am not a professional chart technician, but I'll provide my brief analysis. This is based purely on examining the chart and won't mention other external factors. I am not suggesting any specific action, just pointing out a few technical signals.
After gold broke above the $700 resistance level in September 2007, it rose above $1,000 reaching its peak price in March 2008. For the next ten months, gold was stuck in a downward pattern of lower highs and lower lows. The most recent low was reached in November 2008 around the $700 level.
Gold rebounded from the low and moved steadily higher into the end of the year and the beginning of 2008. In the past week, gold moved above its last intermediate high around the $900 level. While gold might be overextended at the moment, the most recent move can be seen as a long term positive.
First, gold found price support right at its old resistance level of $700. This establishes $700 as a future support level. Second, gold broke out of its pattern of lower highs which has been in place for ten months. While gold might still experience a pull back, it's no longer trapped in a descending pattern.
The current prices section shows the latest price of gold, silver, and platinum. These prices and charts should update every time you visit or refresh the page. These are 24 hour quotes which track the price across Asia, Europe, and NY markets.
The remaining sections show some longer term charts of gold, silver, and platinum. Small charts are displayed for 1 year, 5 year, and 10 year time frames. These charts are updated periodically, but you could always click through to Kitco for the most up to date chart.
In updating the charts today, the gold charts caught my attention and prompted this blog post. I am not a professional chart technician, but I'll provide my brief analysis. This is based purely on examining the chart and won't mention other external factors. I am not suggesting any specific action, just pointing out a few technical signals.
After gold broke above the $700 resistance level in September 2007, it rose above $1,000 reaching its peak price in March 2008. For the next ten months, gold was stuck in a downward pattern of lower highs and lower lows. The most recent low was reached in November 2008 around the $700 level.
Gold rebounded from the low and moved steadily higher into the end of the year and the beginning of 2008. In the past week, gold moved above its last intermediate high around the $900 level. While gold might be overextended at the moment, the most recent move can be seen as a long term positive.
First, gold found price support right at its old resistance level of $700. This establishes $700 as a future support level. Second, gold broke out of its pattern of lower highs which has been in place for ten months. While gold might still experience a pull back, it's no longer trapped in a descending pattern.
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Tags: chart, gold, gold-analysis
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Comment by coinnetwork on February 1, 2009 at 3:54pm -
I would, but I don't think we will see that level again.
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