S&P/TSX Canadian Gold Index Analysis for 01.20.2008

S&P/TSX CANADIAN GOLD INDEX - $TTGD-TC

Monthly chart shows possible high made into 383.91 resistance. Currently the index is below the key LIS (line in the sand) and prior high of 369.50. There is regular divergence in the CCI momentum indicator. While there is a current new high in the index, there is no clear sell signal/pattern as of yet on this timeframe.

Weekly chart shows that last week, the bears quickly erased all the gains made from the week before. On a weekly basis, there is a close below the prior high of 347.66. The leg up was made with an abc 3 wave pattern into the 384.15 high.

Daily chart shows Friday's price action resulted in a doji. Look to next week's trading to see whether bulls or bears will win the short term battle.