Gold Futures with Gann lines overlaid

Gold Gann Lines

I have now looked at a chart of Gold, weekly nearest futures starting from a significant low in late October 2008. From this low I have projected several Gann lines outwards. Notice that Gold is getting support right now at a 4×1 line that extends all the way from these 2008 lows. For some added insight, I have also (in red font) applied some Gann lines starting from what could be deemed a significant low in mid-May 2012. Notice how these Gann lines provided support and resistance as Gold prices moved higher after these May 2012 lows. We are coming into a period of strength for Gold prices (at least that is what the seasonal studies reveal – so I think Gold prices should hold here and I will soon be looking for Gold to test the $1800 level again).

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