GOLD Weekly Chart with 65 MA Cross

Gold weekly chart with the 65 week MA as reference. The 65 week MA serves as a magnet over long periods of time and gold price always comes back for a touch or cross of this vital moving average. Now at 1266 and moving up, in the weeks ahead, the 65 MA will move up into that 1315-1330 support area. Looking back, it is over two years now since the last touch of the 65 MA occurred, testimony to the strong run in gold.

Drawing a trend line across the lows from the last touch in early 2009 highlights the importance of that 1390-1400 gap area once again. This chart shows the power of negative divergence by the red, green and blue lines which always results in a spank down. As we all enjoy the summer sunshine leading into the Fall foilage, the price projection is towards the 1400 level and ultimately a kiss of the 65 week MA in the 1325 area. A move down to touch and regroup at the 65 week MA is healthy and would provide a new launch area for gold from the 1200 to 1330 area for the years ahead. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.