Looks spooky. I'm long, but this is having me second-guess that position. Maybe wait for the resistance to break about ~1380, but that's a good 15% from here. Marking this chart as a short because that's what I think it shows. Primary trend is real bearish!
I like how point and figure charts compress price action without respect to time. Instead, it shows you the...
Shall we see how gold is doing since my last update? If you recall, on December 24th, I posted a gold analysis showing that the yellow metal should rally toward the 1356 area, to attempt a breakout above the highs. At the time of that analysis, we were sitting at 1268. Today, the market hit 1326! So, we're getting very close to testing the highs around the...
Hi friends! Welcome to this update analysis on the gold market, via the weekly gold futures contract (GC1!) Let's get right to it!
Looking at the gold market, we can see that price has been in a multiyear sideways consolidation. On the left side of the chart, you can see that gold made an all time high in 2011. Since then, gold entered a bear market correction,...
RSI with EMA Signal Created By Request For @motcha1
@motcha1 Requested the RSI with EMA Signal.
A Larry Williams Follower who says it's a Great
Entry Signal when RSI Crosses EMA When VIX
Is Showing A Potential Bottom. Looks Good!!!
***Waiting For The RSI To Cross The EMA I’ve Found To Be A Very Precise Entry Without Getting In Too Early. Thanks...
Gold futures broke below support, appears to be forming a wedgie.
Expecting a bounce if it hits the bottom trendline or if it breaks the upper one. Probably a backtest of support.
Long term it's forming a 2 year pennant. Do not expect it to double bottom.
Gold (futures) are pulling back, and some might fear that there's a head & shoulder reversal pattern forming. However, I see it respecting Fib retracement lines. This along with a volume and RSI analysis suggests we are in a consolidation pattern. What happens at the next test of the 1300 psychological resistance is anyone's guess. Last time we had a false...
Gold is at high place, bearish trend is still in force
1) 0.618
2) at daily structure (start of bearish move)
3) Bearish AB = CD completed
4) Kiss of death on monthly trend line
5) Just broke hourly trend line
6) Forming daily pin bar
7) US Dollar is strong, SPX may rally to broken structure
8) Daily RSI overbought
9) Daily stochastics very high
TP1: 1240
TP2:...
Been doing all evening and half way into the night so will fill this out with details and sources/references tomorrow, but wanted to publish so I can send link to friends.... Stay Tuned.
(If you see mistakes - Even Spelling, please comment)
This is the tradingplan for next week a bounce back to the ''resistance'' zone what really is going to happen is amateur traders will short that level and provide liquidity.
June gold futes tonight, is testing it's Yearly Pivot point(P) @ $1274 and the Monthly S1 pivot. The high so far this year is at the Fibonacci Yearly R1 pivot. Yr1 to the YP = textbook.
Gold price is widely followed in financial markets around the world. Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a fiat currency system in which paper money doesn't have an implied backing with any physical form of monetization. AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
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COMEX:GC1!
