Trend Analysis
Long Term: Based on price movements shows that gold prices are still above the Moving Average 200 (MA200), this means Gold Price are still in the long-term rising trend. Gold Price did experience doubts condition (sideways) for a while since the mid-late march 2009 to late august 2009 formed symmetrical triangle pattern and not experiencing false breakout so the price will continue to increase to medium-term target (3 - 6 months) at the level of $ 1133. (letters ABCDEFG). This pattern is one kind of bullish continuation pattern, that means if this pattern occurs completely and stay above
Short Term : Permeation of symmetrical triangle pattern in the medium-term from mid-late march 2009 to late august 2009 at $ 965 on September 2 2009 and followed by increase in short-term rally and closed at $ 995 level after earlier touching on the psychological level at $ 1000. The increase was beginning to experience this slowdown seen from the doji candlestick form (letter I) and reinforced by the overbought condition of the stochastic indicator (the letter H). If tomorrow the price closed below $ 980, then the price has the potential to reverse direction to the level of $ 965 (letter G). Conversely, if this does not happen then the price will likely to penetrate the psychological level at $ 1000.
Recommendation: Buy gold if the prices stay at least 3 days or more above the level of $ 1000, if this does not happen, then the gold price will go back into the phase of confusion again.
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