For those watching the price of gold, gold is approaching the long term upwards sloping trend line, shown below. It is likely that Mainland China has a national policy to accumulate gold, as western interests sell.
The test will be whether buying returns to support the gold price near the $1580 - $1610 level, or whether selling will dominate driving the price further down to lower levels, breaking the long term upwards trend.
Also see "China building gold reserves", and " 'The Chinese really love gold' - banks pushing citizens to buy".
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| Courtesy of OptionVue Systems |
Weekly gold price bar chart, showing upwards trend since 2008
The test will be whether buying returns to support the gold price near the $1580 - $1610 level, or whether selling will dominate driving the price further down to lower levels, breaking the long term upwards trend.
Also see "China building gold reserves", and " 'The Chinese really love gold' - banks pushing citizens to buy".
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