GoldBands

GoldBands

Gold rose higher today after shaking off a selling spree after the NFP numbers were released. Prices fell right to the 6 day moving average before buyers stepped in and gold prices rallied. Prices continued to move higher right up to the closing bell and the action stopped @ 1221.6. Let's see what happens next week but if price can finally break through the 1221...

GoldBands

Gold pushed up past the 1220 resistance level for the 3rd time since the start of the year, only to be met with strong resistance and falling back under 1220 to be within the range from 1182 - 1220. While I am still long, the upper wick on today's candle is not the most encouraging for the bulls. On the bullish side, price is still above the 6, 8 and 21 day...

GoldBands

Gold started the day with a big selloff but then recovered after the FOMC and Janet Yellen announced that they would not be raising interest rates at this time. Gold is now attempting to break out of a potential triple top at $1220. If Gold can break through, then the first target would be 1241.7, the .618 fib extention from the bull run that started at the end of...

GoldBands

Gold rose ~15 points today and broke through the 6 and 8 day moving average. It also broke through the trend line starting back on election night, Nov 8. Price also failed to break below the mid line of the Bollinger Band. The next resistance level is at 1220 so let's see if Gold can move up and past it. Look at the Heikin Ashi chart below. 2 days ago there was a...

GoldBands

Gold stalled today and ended the day just above the BB Midpoint. Today's hammer is a bullish candlestick so while price is still under the 6 and 8 day MAs and the stoch RSI is moving down, I want to see confirmation on Monday as to the direction of Gold's next move. Also note that the hammer shows rejection of the range below as shown on this chart: This is also...

GoldBands

Hi All, I've been refining my charts since my last post. Here's the new chart layout: Red Bollinger Band with standard 2.0 STD and 20 day midline. 8 period MA - yellow line - *new 6 period MA - purple cross - *new Closing Price pushed out 5 days - *new On Tuesday, Gold closed at the 8 day MA, having cracked the 6 day MA. Then on Wednesday, Gold broke...

GoldBands

Hello Traders, This is a mid-morning update. Following Gold's failure to close yesterday above the previous day's high, and today's failure to hold above the 1267 price level, I closed my Gold position that I had opened last week. While it would be very unusual for price not to at least touch the midpoint on the BB, there is also a very good chance that price...

GoldBands

Good Evening Traders! Today was another positive move up for Gold as the precious metal closed the day at 1269.9, up 6 points from the opening. Great news for our long Gold trade, for sure! Equally encouraging is that the Stoch RSI has finally broken above the 20 line, confirming the upward trend. The midline on the BB is now at 1284.5 and it would appear that...

GoldBands

Good Evening Traders, It's always nice to have a solid move after an inside bar and that's exactly what we got today with Gold. Gold closed the day up 6.3 points to close out at 1262.9. After trading sideways for 7 days, including that inside day yesterday, the precious metal was able to finally push up past the inner Bolling Band. In addition, the Stoch RSI is...

GoldBands Updated 

Good Evening Traders! Another lackluster day for Gold, that's for sure! Gold traded up to a high of 1258.2 but that was not enough to break last Friday's high, showing that Gold remains extremely range bound. On the positive side, the Stoch RSI continued to make its way toward the 20 line, giving the bulls hope that a breakout is due in the next couple of days....

GoldBands

Hello Traders! Gold prices have maintained a steady state at the 38% fib retracement level. That fib is drawn from the low of 12/15/2015 @ 1056 to the high of the year at 1383. Steaming from the big selloff two weeks ago, the Stoch RSI has had time to stabilize and may be ready to move above the 20 line. Could this be the beginning of the next cycle up? We...

GoldBands Updated 

Good Evening Traders! Well, here we are again, Gold trading just above the 1250 mark. Today was a solid day down, with Gold trading 16.7 points off the opening to close at 1253. We have come right to the top of this support area that was last seen on June 24, the day the British approved Brexit, and the day when Gold rallied 108 points in 1 day!. It's amazing...

GoldBands Updated 

Good Evening Traders! Well, after yesterday's explosive move down, it's not surprising that Gold took a pause today. With a total range of 15.3 points, the net down move today was 1.9 points. I did take a new short position early in the morning and I'll get to that later in this post. I'm expecting volatility to come back into the market tomorrow and Friday as...

GoldBands

Good Evening Traders! I've been calling for the bottom of the current cycle and last night I pointed out that there was major support below my current Gold short @ 1305. There was the upward trend line dating back from January, the channel bottom from July 1, and the bottom BB Band (2.0 Std Dev), all sitting right at 1305. This was also confirmed by a Stoch RSI...

GoldBands

Hello Traders! As many of you know, I use the Stoch RSI as my main cycle indicator. As an indicator of an indicator, it normalizes the RSI indicator itself and provides excellent guidance on the price cycles of Gold. And while I base my daily analysis on the Daily time frame, I use 2 shorter time frames to enter my positions. These time frames are 30 minutes and...

GoldBands

Good Evening Traders! Gold fell again today, down a little over 8 points from the open. Price tested the bottom of the short term wedge, the dotted magenta line on the chart and now appears poised to hit the major support area around 1305 in the next day or two. This is confirmed by the Stoch RSI which has also fallen below the 20 line, showing that the downward...

GoldBands

Hello Traders! Friday's price action was very favorable for our existing short position and price moved off the long standing support trendline (magenta line) and further away from the BB midline. If you remember what I said earlier last week, the downward cycle as shown by the Stoch RSI still needed more time to complete and I thought that presented another few...

GoldBands

Good Evening Traders! Early morning trading saw Gold break through the long acting support trend line from January, 2016 but then pop back up to end the day above it. The move down was enough though to hit my first profit target @ 1320 where I took off half my position for a nice profit of 11+ points. It is interesting to note that price touched the BB midline at...