12
July
Gold May `Bottom' in Next Week on Low Cycle, Then Rise: Technical Analysis
12 July 2010 Bloomberg.com
Gold, heading for a third weekly decline, may reach a short-term low in the next week and climb higher, according to technical analysis by independent analyst Jim Stellakis.
The attached chart shows prices formed a low about every 35 days in the past 10 months, with each new trough being higher than the last except for at the beginning of February. A failure to repeat the pattern may push prices down toward gold’s long- term trend lines between $1,130 an ounce and $1,180, depending on the speed of the decline, Stellakis said.
