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GG has been looking weak to me. On a weekly chart, XAU has just pulled back from the Mar 2008, Jul 2008 downtrend line. Recent action is skirting the 50 day moving average. If prices break below the MA line, further weakness is likely.
I think a better way to view Goldgorp (GG) is by moving to a weekly view. You can clearly see a rising channel and the series of higher highs and lowers lows that make it up. Also note declining volume.
Even though these tend to break to the downside it is hard to tell when that may be. Take a look at GLD and the strength it has had this week hitting new highs. Gold has not yet topped.
Linear Mode
