Saturday, May 30, 2009

Gold May analysis - recent run up !

After my last Gold technical analysis in April gold has a run up.

Market club's monthly and weekly signals had given a buy since the 90 and 89 levels respectively. This may be mainly due to inflation concerns. 99 might be one big resistance that GLD needs to pass through.

RSI has reached around the overbought area but MACD is showing good promise. Going by last times runup ultimate top was formed when both MACD and RSI were at top.

Buy in next dip might be the right thing to do here?