Gold trades with all time high volume off the 2008 support

114 0 2
Bit misleading headline - absolute 2008 support is to be reached...but it is quite close to it. With this the ETF traded with the highest ever volume for 2 weeks now. The price formed a small bottom for the moment not only on the weekly, but daily and monthly charts as well. It is still a risky trade, but the following points make it an attractive trade
1) The volume shows that there are sellers and buyers. And the direction of the weekly and daily seem to show a change of the short term trend
2) The technicals on the weekly are in the oversold. Some show a possibility of a trend change. RSI CCI Fisher and MACD showing a potential rounding, while VixFix signed green bars, and the last one was smaller than the penultimate
3) 2008 support is quite close and this level is quite important. Price bounced of a support of a recent yearly trend and the upper range is 30% away from the current point
4) On the daily chart one can see positive divergence on CCI and Fisher regarding the bottoms.
5) On the monthly chart there is a positive divergence of the price in regards to several indicators. CCI , RSI , Fisher, probably all other as well, but the price marked a lower low.
6) A small news related point - Russia seemed to increase its gold             by 25%. I can imagine a scenario of increasing geopolitical destabilization that will cause market fear, and gold             to run.

Contra is that short term MAs are still pointing down and price is not above mid Bollinger , but the bands are aiming at contracting. First goal to clear is the previous month top of 21.24

Props to CosmicDust for bringing the chart to my attention.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out