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TFC Commodity Trading Forum

Gold Weekly Chart: Battle at the 65 *PIC*

Nice action around the 65 wma today, coinciding with the September low of $1535. Will be interesting to see if Gold can hold this area of support, especially going into tomorrow's weekly, monthly, and year-end close. The 65wma has defined the long term trend for this market for most of the last decade, and has rarely been violated to the downside. The few times that it has occurred ultimately turned out to be great buying opportunities for both bullion and mining stocks...from a sentiment standpoint, the sector has gone from loved to loathed in record time over the last few weeks, with most analysts now calling for dramatically lower prices from here...the fear that has risen in this sector is quite palpable now...