CoinSavvy here with a Gold Analysis (short term and long term)
Gold lower time frames are all bearish and pointing lower and medium time frames are getting weak and looking like they want to put in a local top. All of the lower and medium term time frames are confluent with going down for the short term.
The daily chart also just had a fresh stochastics cross down. Also not to mention the huge shooting star doji candlestick that it just put in.
If gold puts in a local top by ticking past $1,337.97 then that would put in some daily bearish divergence that would land us around $1,320.
If this were to happen the question would be does gold hold that level? The two and 3 day chart are bullish and looking like they want to go up more so a bounce could be in play here to try to break itself out of the 5 year triangle it's been in this whole time.. it depends on what happens with the DXY (they are inversely correlated). The GOLD weekly and monthly chart are looking good but they all need to break past $1,400 for it to even spark my interest for a real position into gold.
If the monthly does close above $1,400 then I would expect a measured move from the 5 year triangle to get to about $1,750 which would be about a 30% gain. Monthly close below $1,400 would be my stop. I would think this takes a very long time to reach the target, like a year.
If the divergence plays out and doesn't hold $1,320 and price continues lower and actually closes a monthly below $1,225 then that would be a bearish break of the triangle that would be a measured move to about $900.
Coin Savvy, signing off. Enjoy your day, enjoy the charts, and respect the technical analysis .
Gold lower time frames are all bearish and pointing lower and medium time frames are getting weak and looking like they want to put in a local top. All of the lower and medium term time frames are confluent with going down for the short term.
The daily chart also just had a fresh stochastics cross down. Also not to mention the huge shooting star doji candlestick that it just put in.
If gold puts in a local top by ticking past $1,337.97 then that would put in some daily bearish divergence that would land us around $1,320.
If this were to happen the question would be does gold hold that level? The two and 3 day chart are bullish and looking like they want to go up more so a bounce could be in play here to try to break itself out of the 5 year triangle it's been in this whole time.. it depends on what happens with the DXY (they are inversely correlated). The GOLD weekly and monthly chart are looking good but they all need to break past $1,400 for it to even spark my interest for a real position into gold.
If the monthly does close above $1,400 then I would expect a measured move from the 5 year triangle to get to about $1,750 which would be about a 30% gain. Monthly close below $1,400 would be my stop. I would think this takes a very long time to reach the target, like a year.
If the divergence plays out and doesn't hold $1,320 and price continues lower and actually closes a monthly below $1,225 then that would be a bearish break of the triangle that would be a measured move to about $900.
Coin Savvy, signing off. Enjoy your day, enjoy the charts, and respect the technical analysis .