Technical observations of RossClark@shaw.ca
Gold is generating its first daily upside exhaustion alert since January 2008. This alert occurs when a market exhibits urgency on the part of investors to buy. Major tops have been seen in gold when weekly and monthly alerts are generated. Daily signals, such as this, tend to occur around minor highs and lead to corrections back to test the most recent breakout or a pause until the 20-day moving average catches up to the price. In this case $1070 appears to be a reasonable targeted support. The following charts display all signals since gold bottomed in 2001.
(Click on images to enlarge)
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