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Thursday, February 24, 2011

Gold-stater monthly gold chart update feb 24, 2011 monthly gold chart: the chart clearly shows the breakout on the gold chart. The monthly chart show a clear retest of the breakout level and now a new push towards the old high. However, it often takes several tries to break to new highs after the initial breakout. If this rally fails to establish a new high (three consecutive closes above the old high) look for a re test of the breakout. Eventually gold will go higher. This is clear from the above chart as a new upward channel is being forged: the old resistance line becomes the new support line.

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