Some technical indicators on the Gold charts:
The Chaikin Money Flow is showing a strong positive divergence that, when it previously showed up from these levels, led to bullishness. This is a bullish signal, when it crosses back over 0. It's right there now. This is one of the stronger bullish signals in Gold.
The CCI is, as of this moment, turning back above -100. It's refused to remain below -100 for too long compared to when it is above 100 in the past. I think this one is a mixed signal.
The RSI is trending down and has room to fall further. Weak signal. (not shown)
The MACD seems to be turning lower again. Not constructive, but yet to crash. Weak signal. (not shown)
Long gold from a core / long term perspective. Short term looks very weak and choppy. I think the chance of a flush / capitulation to at least 1450 is significant, but I don't think it would last long, if it happens at all. We should see strong support there. After all, the Fed is not doing QE, right?
As of tonight, China asking for all tariffs off before buying any Ag products. So, no deal. Could boost Gold / hit stocks near term. Chop chop chop.
The Chaikin Money Flow is showing a strong positive divergence that, when it previously showed up from these levels, led to bullishness. This is a bullish signal, when it crosses back over 0. It's right there now. This is one of the stronger bullish signals in Gold.
The CCI is, as of this moment, turning back above -100. It's refused to remain below -100 for too long compared to when it is above 100 in the past. I think this one is a mixed signal.
The RSI is trending down and has room to fall further. Weak signal. (not shown)
The MACD seems to be turning lower again. Not constructive, but yet to crash. Weak signal. (not shown)
Long gold from a core / long term perspective. Short term looks very weak and choppy. I think the chance of a flush / capitulation to at least 1450 is significant, but I don't think it would last long, if it happens at all. We should see strong support there. After all, the Fed is not doing QE, right?
As of tonight, China asking for all tariffs off before buying any Ag products. So, no deal. Could boost Gold / hit stocks near term. Chop chop chop.