QE Contiuing, Indexes Under Pressure Means Support For Gold
Excuse the typo. The indexes are under pressure, which will delay the ending of QE, sending Gold higher. The Russel and the Nasdaq tend to be the index trend leaders and they are trending lower. This means big positions going flat and into the safe haven, so I have two good reasons to expect higher gold prices this next week.
The miners followed the GC contract higher pre-market on Friday. The GC contract held most of its gains during the day, but the miners diverged from the GC contract during regular trading hours and followed the indexes down. The miners generally move independently of the indexes. This price action may have given us a decent long entry for Monday.
In this particular chart I have pushed the stochastics to triple the time frame to give a better long or short trading direction.
The 18 and 45 MA on the 30 minute chart is giving a very good crossover signal for swing trading. You can at least use the MA crossover for taking profits and going flat. My advice not to be short the miners overnight last week was based on the MA crossover and dynamic world events.
I have no positions in the miners at the moment. My bias it to the upside for next week. Do not be short the miners overnight next week if you want to sleep well.
Comments and opposing views are welcome. I will share a few sites if anyone shows some interest.
The miners followed the GC contract higher pre-market on Friday. The GC contract held most of its gains during the day, but the miners diverged from the GC contract during regular trading hours and followed the indexes down. The miners generally move independently of the indexes. This price action may have given us a decent long entry for Monday.
In this particular chart I have pushed the stochastics to triple the time frame to give a better long or short trading direction.
The 18 and 45 MA on the 30 minute chart is giving a very good crossover signal for swing trading. You can at least use the MA crossover for taking profits and going flat. My advice not to be short the miners overnight last week was based on the MA crossover and dynamic world events.
I have no positions in the miners at the moment. My bias it to the upside for next week. Do not be short the miners overnight next week if you want to sleep well.
Comments and opposing views are welcome. I will share a few sites if anyone shows some interest.