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Technical Analysis: Precious metals peaked?

Posted May 9, 2008

“Short term gold must hold $850 or run the risk of running to $825.” — Warren Bevan

Blogger’s note: Warren Bevan operates the Precious Metal Stock Review website. And he recently offered Penny Sleuth readers advice on their metals investments. In his words, “Either way we look at it the metals will be higher this time next year.” You can find out why here or read on to learn more.

by Warren Bevan

Baltimore – (TFN): Gold was taken to the woodshed the past few weeks… (View chart.)

Support at $875 was broken and caused a sharp run to the major multi-decade support area of $850. I don’t see gold going any lower, but if it does, it still does not signal an end to the bull market. We need to see many other things fall into place for that to happen. Right now the fundamentals for precious metals to go higher are better than ever and improve weekly.

All the major technical indicators — RSI, MACD and slow STO — are in buy territory as they only get to these lows at major bottoms.

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Technical Analysis: Gold is still a go

Short term gold must hold $850 or risk running to $825. Read on to find out why Warren is still bullish on gold.

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