Decision Point for GOLD - Mar 19 Update

Below is the updated chart that I posted last Friday

• Big decline today on high volume
• Fib Fan line support line was penetrated
• Possible head and shoulders pattern forming
• Mar 16 gap was filled

On the intra-day chart, the picture looks short term bearish. However, as can be seen from my previous post, Gold is still holding onto the falling wedge breakout. The jury is still out ...

ECU Technical Analysis

In a previous post, I listed ECU as one my recommended Junior precious metal miners. Let's perform a technical analysis review for ECU.

Now let's take a look at a daily chart:

The daily chart is at a decision point. ECU is trying to gold the breakout with the gap up from a week ago. ECU needs to follow through. We'll know shortly ... now let's take a look at a weekly chart:

Look at how nice the Fibonacci fan lines worked. I'll dedicate a post to Fibonacci fan lines and arcs in the near future. The weekly chart is at a decision point, and here too ECU looks good here too. Finally, let's take a look at the big picture:

ECU found support at .50, and it held. Looks good.

Recommendation: BUY BUY BUY