Gold tested the key transition area of 1200 today and got rejected slightly.
This is still the key area we have to watch here, as a hard rejection could send us to a lower low, but a strong break could launch us to a higher high than 2016.
The next few days should be very telling for gold going forward.
(there is still bullish divergence in the RSI)
As long as price is above 1165 saw an increase in the volatility of demand and move towards resistanc targets are as follows;
Range of resistance:
In this way the resistance of 1171-1172, 1174, 1177-1179, 1181, 1187-1188, 1193 and 1197-1199 are facing any of the mentioned resistance levels could prevent prices from rising further.
* The failure or refusal to...
GLD held the broken trendline and the $110 level.
The price action at these levels does not jump off the screen at me, meaning it looks shaky IMO.
I would not be surprised if we revisit $100.
I still believe the long-term R/R is to the upside from these levels.
I will be looking to buy dips b/w 100-110. I would stop out under 100.
Let's breakdown the R/R....
Hi everyone!
This is what I think of Gold. Looks like we are waiting for a 5 impulse wave to complete. Although it might break the mid signal line and I still hope that it will reach the desired level at 1172.
Not an advise, use for education purposes only.
Check this chart to see the previous resistance at the targetted level
Gold seems to be itching to retest an area that was important for transition during 2016.
I am still long in miners, and it has been clear over the past week that gold has broken it's downward trend.
Depending on how my natgas trade plays out over this week, I will be taking my profits from that trade and buying any dips in gold.
I have been long miners since November 14th, and am currently only down a few percent. I am by no means a scalper, so keep that in mind when you view this idea.
There is a strong bull RSI divergence on the 1W chart, as illustrated above. (the divergence from the 1D chart is still there, however I am taking a step back with this idea). I think we have almost...
