I didn't realize I could only edit ideas for 15 minutes after publishing. Still learning my way around here. This is the revised chart/notes. Since the December bottom, Gold has closed positive for 16 days continuously and by doing so proved a bull market has returned. On a longer timeline 2017 represents the first time since 2012 that Gold has gone up YoY...
2017 is starting off with an eerie familiarity. Notice at the beginning of 2016 Gold rallied from $1061 to $1108 then corrected down to $1078 and then began the next big leg up to $1246. This big leg up started right around January 20th. In 2017, January 20th will be the Presidential Inauguration Day.
Gold closed positive for the first 16 days in January continuously and by doing so proved a bull market has returned. On a longer timeline 2017 represents the first time since 2012 that Gold has gone up YoY by about $100 -- another indicator of a bull market. The real question is will Gold finally break through the downward trend line that began in 2012? This...
RSI has been trending up since 2013, making higher highs, and lower lows. This is paired with my other ideas.
I thought it would make sense to look at the 1M chart in order to analyze gold for the longer term, based on a purely technical analysis. The orange bar has become a resistance level since 2011, and this trend has held up to now. With that being said, both the RSI and MACD bottomed out in 2013, yet we've seen consistently lower prices since then. We also seem to...
Bounced off .382. Could be too soon. If that is the case, could fall below 1100 for support (1.272 e) Yet, global stocks are slowing..Thoughts? I'm short for argument sake.
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....
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...