Gold closed the day at 1208.1, down 7.5 points. As I called out in last night's post, there were 4 levels of support today that could have stopped Gold's decline. However, as a continued sign that the bear move is well underway, none of those levels held. To remind you, those levels were: Gold Support Levels Lower Bollinger Band - 1214.70 21 Week Moving...
Gold closed down 9.8 points today and poked through the bottom of the Ichimoku cloud. There is a lot of support at this level though so we need to see if price will hold here or will the bear move continue. Of note is that Wednesday opens with the 6th consecutive day of red Heikin-Ashi candles. Support Levels Lower Bollinger Band - 1214.70 50 Day Moving Average...
Gold sold off today, shedding 8.5 points to close at 1225.5. As Gold moves through the cloud, note that at the bottom is a confluence of the 50 Day moving average, the Weekly 21 period moving average (gold dots) and the lower Bollinger Band. January 27 was the last time that Gold met the 50 day moving average and that bounce led to the year's high. Let's see what...
Gold sold off sharply today, dropping 15.5 points and closing under all 3 moving averages on the chart, the 6 day, the 8 day and the 21 day moving averages. Gold now seems determined to head south. The first target should now be the lower red bollinger band. Chart update: now that the bull run is over, I've removed the intermediate and short term waves from the...
Gold sold off in the overnight session to tag the 21 day moving average. The precious metal then reversed as the New York markets opened up and rallied to close between the 6 and 8 day moving averages. On the whole, gold rose a modest 1.5 points today. Today's doji shows that once again gold seems to be in a holding pattern and moving sideways. Although since this...
Added bollinger bands as an additional entry filter. On the 4 hour chart we have a correction with a bearish wave 3 move. We hit the .5 fibs retracement area and it seems like the right time. SL is 91 pips away at the break of the 1st wave from a previous correction. Entered my trade on the 15mins point as price sat on the lower bollinger band. Good luck to me
Gold traded higher in the first part of the day on Monday and then sold off in the afternoon to close at 1258.8. The day ended with a doji candle that had penetrated the upper BollingerBand but then sold off and closed between the 2 upper BBs. Remember the red BB is set to 2 Standard Deviations and the cyan BB is set to 1.5 Standard Deviations. Gold is also...
On Friday, Gold continued the rally started on Thursday and closed @ 1258, up 7.4 points on the day. This confirms that move up to the target zone of 1277, which would be the 1:1 target of the Major and Minor A waves (see chart). I have also marked a few higher targets if strong buying comes into the market. The 1.272 fib extension is very common and that has...
Gold rose 12.4 points to to close at a new yearly high of 1250.7. This puts the C wave firmly back in play with an expected target of 1277.7. Price on the Volume Profile charts has now extended past both the short term and intermediate term value areas which suggests that price will now move higher, attempting to fill in the profile at the higher end. The 3 days...
Confluence signals: - Bullish Engulfing, confirms reversal and support level - Bollinger bands oversold - Stochastic crossover
Gold closed up 30 cents on the day to maintain it's position above the 6 and 8 day moving averages. It is also still above the extended closing price line (cyan). All in all, while Gold has been trading sideways for 2 weeks, it is still leaning to the bullish side. The Heikin-Ashi chart for the day shows a red doji for Tuesday's trading day. This could be a...
Gold rose 2.1 points on Monday in very light trading as the US markets were closed in honor of President's Day. Gold penetrated the 6 and 8 day moving averages at the low of the day but closed above them. The precious metal is trading sideways for now. This sideways trading is even more pronounced on the Heikin-Ashi daily chart with 6 of the last 8 candles being...
Gold traded higher today, closing at 1240.1, up 5.8 points on the day. While the move was great for the bulls, the precious metal ran into strong resistant @1243.7, the highs from last week. If Gold continues to move up tomorrow, that will mark the 3rd consecutive week up and the 7th out of the last 8 weeks. Here's the weekly chart: On the main chart above, I've...
Gold sold off in the overnight session and tagged the 21 day MA at 1217.5 and then sharply rebounded to close just above the 6 and 8 day moving averages. I have been calling for a tag of that 21 day MA since Monday when price broke through the ice and closed below those moving averages. But now, price is trading above them and the future direction seems like it...
Gold closed up 3.1 points on Tuesday but that was basically a move sideways. There was some volatility in the morning when Fed Chairwoman Janet Yellen began her testominy. But while the DXY dollar index had a strong move up, Gold stayed basically flat. However, it is clear on the chart that Gold is still trading under the 6 and 8 day moving average so my bias is...
Gold dropped 8.1 points on the day to close below the 8 day moving average. As the dollar rose, gold sold off and finally cracked the 8 day ma. It also closed below the forward adjusted closing price line represented as the cyan line. There is now a high probability that gold will touch the 20 day moving average which is the midpoint of the Bollinger Bands. The...
This is a strategy that has been in development for a week or two, no trades placed yet, this is the first. You can see that pattern, RSI breaks out above 65 and goes back down below 65 for several markers, while price is in the upper bollinger band (or near it), and price will go down. Likewise, RSI breaks out below 35 and goes back up above 35 for several...
Gold rose for the second week in a row, ending the week at 1234.7, up 12.8 points for the week. However, after reaching a high of 1246.6 on Wednesday, Gold fell on Thursday and Friday, touching but not breaking through the 8 day moving average. So where does the precious metal go this week? Let's take a look at some of the technical indicators that I use. Gold...