I really like the symmetry here for a reversal. I think markets sometimes like to end things the way they began them. This chart is reflecting that sentiment very precisely. Also the current price is in the right area for what has been in the recent past a very pivotal area for reversals in gold. And finally, I added the 400SMA to this chart. The 100SMA and 400SMA do not cross often and when they do it generally is not for a long time period. I went back in time via the chart and highlighted these crossing. You will have to scale out and scroll back to find these hidden gems. Hope this chart finds you well.
Littleriver
Comments
birgram
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great
littleriver
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Thank you for the feedback.
QuantitativeExhaustion
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Gold Slammed back to old 1588
resistance
littleriver
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Trying to fill that gap made yesterday . It can be seen on 15 minute chart. 1578 is where it wants to go.
littleriver
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Sorry JR, that was me who accidentally removed your comment. Never hit the "x" unless you mean it. I agree, just hanging out here 1588. Yet it looked like it was trying to fill that gap on the min charts but the daily looked solid at 1585 as a low. A 24 hour chart is tricky. The miners took it real hard though giving back most of their gains and then some in some cases. I am thinking this could be a good entry point.
QuantitativeExhaustion
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yeah.. I was fools gold today. Had me thinking we would break 1598 about a dozen times and never did. Might try again.
QuantitativeExhaustion
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Miners did take it hard. Almost bought NUGT at the close, but missed my limit.
littleriver
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Thanks JR, I have looked at many but that one has missed me. I will give it a look.
QuantitativeExhaustion
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excellent commentary ... agree
littleriver
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Keeping this simple..........question is.... will gold cooperate..........follow the dotted line.