Gold started the day with a big selloff but then recovered after the FOMC and Janet Yellen announced that they would not be raising interest rates at this time. Gold is now attempting to break out of a potential triple top at $1220. If Gold can break through, then the first target would be 1241.7, the .618 fib extention from the bull run that started at the end of...
Strong wick formed during Wednesday's trade. The momentum is clearly to the upside. I suspect there will be some resistance as prices move back into the double top cluster area. A short in the 1220-1225 range might be a decent play but overall I wouldn't bet on the area holding as I don't trust triple tops/bottoms.
Following a possible cypher pattern in the hourly. Gold bounced from 1180 and reversed with strength. Expecting a bullish movement next week. Lets see if it completes.
Gold back near the zone where the double top resistance clusters formed. Might be an asteroid belt of some sort but triple tops/bottoms are generally a 50/50 bet. Momentum is to upside w/ trendline area as support. A short in the upper percentile of the cluster area might be worth a shot.
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)
Gold rose ~15 points today and broke through the 6 and 8 day moving average. It also broke through the trend line starting back on election night, Nov 8. Price also failed to break below the mid line of the Bollinger Band. The next resistance level is at 1220 so let's see if Gold can move up and past it.
Look at the Heikin Ashi chart below. 2 days ago there was a...
Many indicators are giving the same signal and the same zone as buy zone. They are: the Fibonacci
retracements are conjuncted, moreover they are conjuncted on a zone where there are many support zones; RSI is giving a bullish signal as well. Furthermore, EMA 55 and EMA 21 Support and Resistance zone rejected the price.
I am pretty convinced that there is a...
Not quite high enough for me for an intra day short play but perhaps a dip will present itself as a buy. Follow the wicks and Friday's daily chart left a nice one. I'd like to take a long play, if things line up, within that wick range (82-90). Things seem a bit shaky in the world.
Gold stalled today and ended the day just above the BB Midpoint. Today's hammer is a bullish candlestick so while price is still under the 6 and 8 day MAs and the stoch RSI is moving down, I want to see confirmation on Monday as to the direction of Gold's next move.
Also note that the hammer shows rejection of the range below as shown on this chart: This is also...
Hi All,
I've been refining my charts since my last post. Here's the new chart layout:
Red Bollinger Band with standard 2.0 STD and 20 day midline.
8 period MA - yellow line - *new
6 period MA - purple cross - *new
Closing Price pushed out 5 days - *new
On Tuesday, Gold closed at the 8 day MA, having cracked the 6 day MA. Then on Wednesday, Gold broke...
Expecting a small bounce off support then continuation later. There is a 5Y seasonal bearish window and interest rates are going to increase. Overall it is an extended counter trend rally that did not consolidate in order to go higher.
I've been watching the 38.2% retracement of the previous impulse leg as a potential reversal point ( daily chart ). There is a possible AB=CD extension pattern in the hourly. Also, harmonic swing gets near that extension and within the support area from Jan 13th. Entered a short position at 1198.4 with a PT1: 1192.7 PT2: 1188.6, SL: 1202.8
The Gold uptrend train is experiencing some pressure. Running into resistance (old support), a double top cluster, and now a channel break. I think the high quality trades would be to trade this downward channel. All eyes on the dollar for some insight/clues.
