Daily candlestick chart. Gold has retraced a Fibo 38.2% of the September decline, and is testing possible resistance from the high of September 27 - the previous high of the somewhat anaemic rally from the September low. The trend is down at this time frame, but still up on the weekly and monthly and monthly charts. A move below the September lows would be required to indicate a change of trend on the weekly charts. If (if!) Gold rolls over lower from current levels or near the 18 day moving average, that would be an early indication that the September low could be tested.
Tuesday, 4 October 2011
Daily candlestick chart shown below, including after hours trading, currently at 3823, down from Monday's ASX 200 close of 3897. The trend is down at this time frame, and also on the weekly and monthly charts.