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GOLD
ETF (Exchange Traded Fund traded on ASX)
http://www.mindthemarkets.com.au/charts/gold.html WEEKLY CHART 
Notes (drw 20090217) • Notice the way two different forces meet to create the high of week 20090222. (The support line 3 meets the resist line 4). • The support and resist channel between 1 and 4 is steeper than that being resisted by 3. • If the price continues to pull back, notice how it reacts to the support line 1. • Support line 1 may support it and the price will go back to retest 5, the recent high of 144. • There probably isn't enough money between 1 and 5 to make it worth the risk og puying on support at 1. • If 1 doesn't support it, 2 is more likely to. If it breaks 2 on the downside look for support at 105 - around end of the year. • If it does and it pulls away and breaks 5, we look for it to pull back to 5 and find support there on good volume before buying. DAILY CHART  |