Working Out Scrap Gold Prices in Yen with the Scrap Gold Calculator

How you can work out scrap gold prices in Japanese Yen with the In Gold We Trust Scrap Gold Calculator

Scrap Gold Prices in Swiss Francs Using the In Gold We Trust Scrap Gold Calculator

How you can work out scrap gold prices in Swiss Francs using the In Gold We Trust Scrap Gold Calculator

Working Out Scrap Gold Prices in British Pounds Using The Scrap Gold Calculator

How you can work out scrap gold prices in British Pounds using the In Gold We Trust Scrap Gold Calculator

Calculating Scrap Gold Prices in Euros Using The Scrap Gold Calculator

Instructions on how to work out Scrap Gold Prices in Euros using the In Gold We Trust Scrap Gold Calculator

Updated Technical Analysis of Scrap Gold Prices - June 25th

For the past few scrap gold prices technical analysis reports we have been looking at the formation of this wedge. Action over  the last week  has strengthened the idea of this wedge formation. Friday was a strong up day and it is quite likely we will see an up day on Monday perhaps even nudging  above the all time high. This could create excitement amongst gold price analysts as it reaches an all time high. However this is typical action for a topping wedge. I refer you to Euro action as it reached a high in April 2008.

For scrap gold prices (the gold price) to look like they are resuming an new up trend once again we need to see a strong push up above the top line and closing 2 days above this line .


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Updated Technical Analysis on the Price of Gold June 21st

In our last technical analysis of the price of gold on June 17th we identified this wedge which is typically a bearish ending pattern. On Friday the price broke through the top line of the wedge and actually managed to close just above that line. We spoke about how the price needed to close above the line and form support to be a clear bullish indicator. On Monday the price reached an all time high once again but then collapsed back into the wedge.

Where Now?

The above chart includes the latest gold price moves. As we can see even though the other wedge has been negated we can now draw a smaller wedge with Friday and Money's move  touching the top line and Monday and today's low touching the bottom line. A fall below 1215/1210 would be a fall out of the wedge and signal for a rapid drop in the price of gold. Alternatively the price could rack around inside the wedge and even make a slightly higher high. To really negate the wedge we would need to see a strong push above Monday's high, closing above the top line and continuing to push up strongly closing consistently above the top line.

Charts courtesy of www.igindex.co.uk

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Technical Analysis of the Price of Gold June 17th 2010

On the chart above I have presented 2 ideas for possible future moves in the price of gold.

1) 2 weeks ago I drew in the smaller triangle and said because of the prior uptrend this was a bullish signal for the price of gold and that a breakout above 1225 would mean a continued move upwards if the price could then close above its all time high. The  gold price did break out and make a new high but the retraced but was held by the bottom line of the triangle. The price has since risen again but failed to close above the all time high. The triangle is now extended so once again if it can close above its all time high and make a clear new high then it should continue to rise.
2) The longer lines are of a wedge - this is a bearish signal. If the price fails to close above the all time and bobs around the top line but never making a clear break upwards then this would validate the idea of the wedge. This idea would further be strengthened by a fall below the bottom of the previous triangle. The formation of this wedge could continue for a while and the price could remain range bound between 1200 and 1250 but later leading to a severe drop in the price of gold. Only time will tell!