As the NYMEX session began this morning, the selloff in Gold continued and price hit the 50 day moving average @ 1210.80. That was my first profit target. A stronger than expected ADP jobs report this morning further increases the odds of a Fed rate increase this month. Disclaimer: The post is for educational purposes only. Trade at your own risk.
Despite bearish price activity, fundamentals should drive OCLR up long term (1yr)
Price has rejected moving average. Is very relevant to have a close below that level. If it happens, we can wait a bearish movement, and a breakout of that bullish trend.
Price has seemed to breakthrough the trend and is heading up. Pin-point entry might be very soon as MA's have just crossed on the 60min chart (14ma, 50ema). I believe price will touch and bounce straight of the outer trendline for a clean SHORT in future.
Price has rebound at bullish trend, breaking MA200 and MA50. In addition, we can see a double-bottom formation.
Price broke bullish trend. Now is doing a pullback till that trend. We can expect to bearish to the next supports. In addition, MA50 has broken MA200, wich alerts for a probably falling.
Price rejected moving average of 50 periods, creating a doji candlestick pattern. Waiting for a bearish movement till the ma200.
Gold broke out of the 1220 resistance level today and pushed up to a daily high of 1237.5. This was the breakout that I had been waiting for. Gold clearly wants to go higher. The first target is the .618 extension of the move from January @ 1241.7. A more likely target is 1278.6 which would be the measured move of the (A) wave. I have put the probably extensions...
forecasting the moving averages to bullish nights
The 20 day moving average has frequently capped price action and presented great sell opportunities. Selling on any failed attempt of price to move higher than the 20 DMA is advised with stops at least 50 points above the 20DMA.
EURCAD D1 Symmetrical Triangle, break out either direction Broadening Wedge Inside Triangle which usually Sells Off 55% (Bulkowski ) 100 and 200 ma crossing suggests Down Trend Right now price is stymied by 100ma on WK Volume needed to push lower. Price resistance above by 50 ma. Volume needed to move lower. Historically in downtrends price remains below 50ma...
A DAILY CLOSE ABOVE RANGE RESISTANCE INDICATES POTENTIAL FURTHER UPSIDE, A CLEAR BREAKOUT OF LONG TERM RANGE EXPOSES 1.2520's THE 150 DAY MA THAT WAS PREVIOUS RESISTANCE ON 4H CHART HAS BEEN BROKEN, A POTENTIAL MA CROSSOVER TO THE UPSIDE CANNOT BE RULED OUT EITHER - ADDING TO FURTHER CONFIRMATION OF UPSIDE POTENTIAL A RETEST OF PREVIOUS RESISTANCE TURNED SUPPORT...
Buy the Fear. There is tons of cluster support here and its holding. Grabbing a starter position long here.
If this pattern repeats and if there is a new bullish moving average cross then the bulls can push the price much higher, similar to February 2015. P.S. I used my own MACD script, which you can get here:
These levels (LOWS @ ~1.0350) go back to 1995 - 1997. We are at huge 20 year triple bottom lows. Whilst there is every chance we could overshoot and break these lows I expect a big reversal very soon and plenty of upside going forward. Watch out for false breaks to the downside followed by sharp reversals back...