Past two areas that neared the uptrend line dropped around -2.85% in the week prior to a trend reversal.
We are at that same point as we speak.
Looking for a reversal here based on the weekly timeframe. Ideally, we finally break about the 1360 area.
Blue vertical lines are a day before FOMC interest rate raises.
Seem to be stuck under the .382 of the fib channel, which could signal more downside.
RSI in the middle but pointing down.
TSI under zero which signals to stay short.
I am short looking towards the 1300-1295 area to enter a long position before we go up after FOMC announcement (based off of past...
Gold has been on an amazing run lately and has reached a higher level than my previous forecast for a short area. I have highlighted the divergence on the 4-hour chart in light blue. A spike outside the Bollinger Band which creates a higher high could be a signal to short based on divergence with the RSI.
Short term targets would be the white dotted trend lines...
It seems like the December rally after a rate hike was a bit early this year. The current price is 1296.614 and slowing. The daily bar is sitting at the top of the Bollinger Band and the RSI has reached overbought territory.
We are also near the .236 Fib that runs from the beginning of the year until the high of 1357
We have not breached the 1299.326 peak from...
Gold is steadily climbing back up to where is broke out of the 2017 up channel. This area is nearing the .382 Fib that stretches from the beginning of the year until the high in September. There is also a point near 1275 where the bottom of the up channel meets the down trend resistance from September and the end of November. This is a zone I will watch if it...
It seems to be that this is the December turn like the previous two years.
Gold as been holding well with the Fib so far.
First target 1266, with some movement in the upwards direction to break the down trend.
Gold is currently following the up-channel and sticking near the bottom. However, the drop early this morning was quite deep and pushed the 4hr RSI down pretty far. Standing by to enter when/if divergence prints on the 4hr.
Currently riding channel one down. Looking for a bounce at the bottom of channel two, which is the up channel from July. If we break that to the downside, we could take channel 3 down to new lows.
Currently in the middle of the uptrend for the year as seen by the dotted lines. If we bounce here then we can head up to the mid-term uptrend zone of 1290 as seen by the solid uptrend channel. If not then we fall to 1245-1255 zone
Looking like we have some people who want to relive 2011. Gold opened up in the 1270 zone just to have it smashed all the way down to around 1263 last night. It is currently sitting on the bottom of the mid-term up channel from the beginning of the month. 1260 should be a good support zone as you can see here. This would be a good place to buy with tight stop...
Expect sideways movement heading into the weekend unless some major event occurs. Looking like 1260 is good support based on upward trend bottom channel and the tops of March 27th and April 4th. If gold breaks to the upside, the next resistance could be around 1278. If that breaks then we can expect to fill the gap from the 24th and continue the upward move....
Based on historical patterns after FOMC meetings announcing a rate hike, I expect First Majestic Silver to drop around 20%.
This could be anywhere from 1 week to immediately after the FOMC meeting on March 15th, 2017.
Influencing factors that would change this target:
DXY losing strength
Low GDP numbers from last week.