Looks like Friday up Day as dollar corrects to prop mkt
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Right on Track for 1240s LOWER TEST ? Let's start with the S&P 500s daily the S&P by the most classic group of technical measures (ours being Bollinger Bands, relative strength and stochastics) is wildly overbought. But more dangerously remains the state of two haunting fundamental facts: 1) our "live" price/earnings ratio settled the week at 31.6x, and 2) the amount of dollars it takes to move the S&P one point has thinned even further from 911k on 29 January to just 474k today. Yes, we herein hammer away at this week-after-week, for eventually the Great Unraveling will out. Also, the engaging "pas de deux" we'd been witnessing between Gold and the S&P has seen the latter break it off into a "see ya dude" as depicted here by their respective percentage change tracks from one month ago-to-date (21 trading days)
The price of gold fell sharply last week and in the process brought the price down back toward a retest of it's 100 day MA. That MA stalled the fall, but in trading action today, the price has moved above and below the MA at the $1288.59 level. The low today reached $1282.59. The high has reached up to $1292.04. We currently trade at $1289.34.
Gold on the daily is trading above and below its 100 day MA today
The bias for gold is dependent on where the price moves from here. Do we stay above the 100 hour MA and push higher again or does the price move back below the MA? Another key level on the downside is at the $1280.94 level. There were lows in March at that level and the March 4 low was also at that level. So moving below that level will also be more bearish. PS the low today reached a few bucks above that level).
Drilling to the hourly chart below, the 200 hour MA (green line did a great job of stalling the rally on Fridayi. If the price is above the 100 dayMA at $1288.59, getting above the 200 hour MA at $1295.67 and then the 100 hour MA at $1297.75 (it is moving lower), will be the targets that would tilt the bias more to the upside.
The floor at $1280.94 and the 200 hour MA at $1297.63 are target on the downside and upside now.
SUMMARY:
The 100 day MA is a key barometer for the bulls and bears. but it does not stop there.
ON the downside, the floor at $1280.94 is a key level to get below.
On the topside, the 200 hour MA at $1295.67 and then the 100 hour MA at $1297.75 would need to be broken to build a more bullish bias.
Gold on the daily is trading above and below its 100 day MA today
The bias for gold is dependent on where the price moves from here. Do we stay above the 100 hour MA and push higher again or does the price move back below the MA? Another key level on the downside is at the $1280.94 level. There were lows in March at that level and the March 4 low was also at that level. So moving below that level will also be more bearish. PS the low today reached a few bucks above that level).
Drilling to the hourly chart below, the 200 hour MA (green line did a great job of stalling the rally on Fridayi. If the price is above the 100 dayMA at $1288.59, getting above the 200 hour MA at $1295.67 and then the 100 hour MA at $1297.75 (it is moving lower), will be the targets that would tilt the bias more to the upside.
The floor at $1280.94 and the 200 hour MA at $1297.63 are target on the downside and upside now.
SUMMARY:
The 100 day MA is a key barometer for the bulls and bears. but it does not stop there.
ON the downside, the floor at $1280.94 is a key level to get below.
On the topside, the 200 hour MA at $1295.67 and then the 100 hour MA at $1297.75 would need to be broken to build a more bullish bias.
The good news is the levels are clearly defined.