Friday, 17 April 2009

Gold stocks at critical level

As anticipated in my Daily Form commentary yesterday which is available at no charge from here the Gold and Silver index (XAU) was ripe for corrective action in the context of a bearish flag formation. The index dropped by five percent in yesterday's session.

The Ichimoku chart reveals that the index has not yet dropped below the green cloud, which would be a significant bearish development, but the precious metals sector is at a critical juncture as is the price of gold itself.

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