Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

Gold May Target $1,250 Peak, Standard Says: Technical Analysis

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Albert Bozzo,
Tuesday, May 26, 2009

Gold may target a record $1,250 an ounce as a continuation head-and-shoulders pattern may be forming within a longer-term trend, Standard Bank Group Ltd. said, citing trading patterns.

A break and close above $1,050.40 “provides warning that an important breakout” has occurred, Darran Grabham, the bank’s technical analyst, wrote in a note yesterday. A head-and- shoulders pattern is formed when a commodity makes three consecutive peaks, with the middle being the highest. It forms during a series of increases over time.

“The positive implications are substantial, with the minimum objective situated at $1,250,” Grabham wrote. “On the downside, gold weakness through $864 turns the outlook bearish, and the weaker trend could then continue towards $802.”

Gold for immediate delivery traded little changed at $957.29 an ounce at 8:09 a.m. Singapore time. The precious metal is down 7.4 percent from its record high of $1,032.70 on March 17, 2008.

Full article here

This article was posted: Tuesday, May 26, 2009 at 10:12 am

Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

Linda Sarsour is a Complete Idiot See the rest on the Alex Jones YouTube channel.

Music Video Advocates Torturing “Racist” Trump Supporters See the rest on the Alex Jones YouTube channel.

https://www.youtube.com/embed/z8FknvfSInU https://www.youtube.com/embed/yiGXs2fERDU

© 2017 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.