Gold prices have been struggling recently but according to the author of this article, gold prices are getting ready to explode along with oil. Looking back at technical charts, the author has come to the conclusion that precious metals are setting up for higher prices within the next one-to-two weeks.
By Chris Vermeulen, Contributor
03/28/12 - 09:23 AM EDT
The Street
NEW YORK (TheGoldAndOilGuy.com) -- The past two months we have seen all the focus from traders and investors be on the equities market. And rightly so as stocks have run higher and higher. But there are two commodities that look ready to explode, those being gold and oil (actually three if you count silver).
Below are the charts of gold futures and crude oil four-hour charts. Each candle stick is four hours, allowing us to look back one-to-two months while still being able to see all the intraday price action (pivot highs, pivot lows, strong volume spikes and if they were buyers or sellers…).
The four-hour chart is one timeframe most traders overlook. From my experience I find it to be the best for spotting day trades, momentum trades and swing trades which pack a powerful yet quick punch.
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