Monday, February 18, 2013

Gold: End of its shine?

Gold has been enjoying a really good rally for the past few years as currencies weaken, countries such as China and India started accumulating gold. As for the people, gold is a metal that has a good value to it. After reaching its peak of above $1900, gold value started to decline as funds started selling and diversify them into stocks. Let's take a look at the charts.

This is a daily chart of gold as of 18 Feb. as you can see gold had broke up and then started to wane again as the USD, Euro gained strength.

This is a monthly chart of gold. Once the breach of support level, it is highly likely selling will be continuous.

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