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Above is the chart that bothers me the most -- and I hope I'm reading this wrong. BUT, the longer term gold chart could be seen as a reverse head and shoulders formation. This implies that gold has one hell of an upward run in the future.
I used the 6 month chart to get a better read of the the SMA picture. First, notice the 200 day SMA has been near neutral for the better part of the year. Considering the extreme moves we have seen, that's a pretty amazing stunt and implies the long-term outlook is still cloudy. However, the short-term indicators are pretty positive. The shorter SMAs are above the longer SMAs and all the SMAs are moving higher. The 10 day SMA has taken a short-term dip, but prices are just below and are using the 20 day SMA as technical support. If prices move through the 20, then the 10 day SMA will be in trouble. But until that happens, we're still in an up-swine.
