Bonds hit resistance at 111'26, dipping back to support at 110'27. We anticipated this in our reports yesterday. It is likely we will continue the sideways correction from here, bound between these two levels. If ZN can break out, then 113'12 is the next target. We expect 110'05 to be a floor for now.
Gold caught a massive bid off Bonds and the selloff in the US dollar. We broke several levels above to finally run out of steam exactly at our level of 1670. Although the Kovach OBV picked up, resistance kicked in and we appear to be taking a breather. It is likely that the rally is transient and we will retrace soon. The first level to provide support will be...
Bonds have pressed higher following the Fed's 75bps rate hike. We have broken out of 115'29 back into the 116 handle, topping out at our level at 116'20. A red triangle on the KRI suggests that we are facing resistance here. We do appear to be seeing a bull wedge consolidation pattern, but the Kovach OBV has leveled off, so it is likely we will fall from here. ...
Gold has held the range between 1895 and 1956, that we discussed yesterday. At this time yesterday, we were roughly in the middle of the range, however since then we have started to edge up again. We are seeing notable resistance at 1956, as predicted due to the dense patch of technical levels above between 1956 and 1982. The Kovach OBV is starting to drift...
Gold is stabilizing in the low 1900's. We appear to be topping out at 1956 after crossing the vacuum zone above 1936. However, 1956 proved to be prohibitive as we predicted in these reports. The Kovach OBV has leveled off indicating that we are likely to range between 1905 and 1956, and will likely consolidate further. There are a cluster of levels above 1956...
Bonds continue their selloff ahead of the FOMC meeting today . The Fed is expected to raise rates, and we could be in for as many as 6 rate hikes total this year. This is impacting yields sending bond prices tumbling. ZN has made a brief attempt at higher levels but got batted down around 125'07, a level we identified yesterday. It is likely to continue the...
Gold rallied tremendously off the Ukraine conflict, hitting yearly highs at the top of the $1900 handle. It looked like we might make a run for $2K, but we topped out at 1977 or so, before a red triangle on the KRI confirmed resistance. After that, we retraced the entire move, spanning $100, where we finally found support at $1876. We were able to find support...
Bonds tested relative highs with increased risk off sentiment due to Russia's attack on the Ukraine. However, after a day of stock selloff and safehaven inflows, we quickly retraced back to support at 126'11. The Kovach OBV barely budged off the rally to 127'08, where a red triangle on the KRI confirmed resistance. It has since bottomed out, confirming support...
Gold has steadily rallied benefitting from safehaven inflows from the Ukraine crisis. We appeared to see some trouble with 1895, the last level of the 1800's, but another burst of momentum took us into the 1900 handle. From there, we were even able to make an attempt at higher levels still, but our level at 1917 proved to be a top for now. After that, we...
Bonds took a sharp nose dive off increased Fed rate hike expectations and inflation. We smashed through our lowest levels of support and drove deeper into the 126 handle, before finally bottoming out at 125'17, a support level extrapolated from inverse Fibonacci levels, a tool we are relying on more and more, now that we have exhausted all of our lower technical...
Gold has topped out at 1851, after smashing through our upper level at 1836. As you can see, 1851 is one of our levels as well. Two red triangles on the KRI marked sharp resistance, and we immediately rejected these higher levels, dropping down past 1836, and extending down to 1826, where we found support just above this level. Currently, we appear to be...
Bonds have gotten a lift off the selloff in stocks. An influx of risk off sentiment gave ZN a much needed lift back to the 128 handle. We had dipped in the very lows of the 127 handle, and were appearing to get ready to break into the 126's, when the fallout from stocks caused a notable risk off shift. We have broken through our level at 127'22. As predicted...
Gold has traversed the vacuum zone below and tested 1795 yet again, exactly as we have anticipated. From here, we got a nice pivot, and are currently in the middle of the value area between 1795 and 1815. From here it could go either way, but safe haven outflows may suggest we test lows again at 1795, the cluster of levels in the 1780's or 1777. The Kovach OBV...
Gold dipped sharply finding support exactly at our levels. First, we saw support at 1759, then the lower wick of the selloff on the 30 min chart touched 1753 exactly, before a massive bid took us back to the 1780's. As anticipated, 1795 remains the max upper bound for gold, and we are currently finding resistance at the level just under this at 1789. We are...
Gold has stabilized after rejecting higher levels, as anticipated. As we mentioned yesterday, 1795 was just too large of an obstacle for gold, and it retreated to value in the 1780's, where a cluster of levels is catching the price action like fly paper. We anticipate the broad range between 1777 and 1795 to hold for now. Volatility has narrowed considerably...
Gold has broken through to higher levels, punching through the resistance in the 1780's and edging toward 1795. We are starting to see some red triangles form on the KRI suggesting we are encountering some resistance here. Unless some serious momentum comes through, 1795 should provide prohibitive resistance. The Kovach OBV has tapered upwards but does not seem...
Gold has found stability in the exact range we identified: 1770 to 1775. We even discussed how it was likely to consolidate further between 1777 and the 1780's which is exactly what happened. In particular, 1777 and 1784 seem to be the lower and upper bounds respectively. Gold is likely to establish value further, but the range has narrowed significantly, and...
Gold has continued to press lower, but has remained within our expectations. We did break down into the vacuum zone below 1770, heading for 1759, but have found support just above this level, and at the time of this writing, have regained the 1770's. We are seeing support at lower levels confirmed by green triangles on the KRI. The Kovach OBV is still very...