TheShortLife

Gold Price Structure Analysis

COMEX:GC1!   GOLD FUTURES
46 2 0
Studying gold             price behaviour, the weekly graph attached is what I see. Price is contained in a channel.

On weekly price looks to have headed right into resistance. It could pop over it and continue but I think here it would be a good odds trade for some puts.

In any case, there will be a nice gold             shorting opportunity once price reaches the upper resistance line of the descending channel. Could happen before summer, but I think short term US dollar             will rebound pushing gold             lower - and then if the world avoids a depression this year, US dollar             will decline and gold             should soar.
TheShortLife
10 months ago
Here is gold on a daily chart.
snapshot
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TheShortLife
10 months ago
Looking at dollar index divided by gold.

Below is weekly view zoomed out:
snapshot


Below is weekly view zoomed in to the last few years:
snapshot


Looks bullish I guess, would mean US dollar rebounds and gold drops ... a reversal could be in the works in the next few weeks or so.
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