Red-Hot Resources

"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Friday, February 22, 2008

Friday Chart Fiesta

Last week, I was keeping an eye on a potential head-and-shoulders reversal pattern in gold. However, gold did not break the neckline and instead pushed higher. One more niggling worry is that RSI (a momentum indicator) is making a lower high as gold makes a higher high. This is worrisome, so exercise caution. But gold is more bullish now (technically speaking) than it was last week.

I added a gold position in Red Hot Resources yesterday and may be doing more of that this next week. $1,000 an ounce should draw gold like a magnet now.

Meanwhile, the US dollar is looking weaker ...

Perhaps the higher price of oil is weighing on the US dollar ...

Natural gas is looking more bullish than oil ...

Labels: , , ,

Check out my new gold and energy blog at