Gold holds 6-month support

INTERMARKET ANALYSIS: Gold moves higher then lower in unison with euro FX (euro/$U.S. pair) and crude oil.

11-DAY LINEAR REGRESSION CHART: Gold remains in a bear (-) channel.

6-MONTH CHART: Gold is churning along its 6-month ascending 50-period moving average. IYM is churning below its 6-month 50-period moving average.


August 2009 GLOBEX gold futures. Source eSignal

Richard L. Muehlberg is an analyst and day trader. He combines intermarket, time-of-day and linear regression channel analysis. Read more at www.DayTradingWithLinesInTheSky.com.