GoldBands

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GoldBands GoldBands PRO GCJ2017, D, 16 hours ago
GCJ2017: Gold Moves Up but Can't Break Resistance on Light Trading Day
7 0 2
GCJ2017, D
Gold Moves Up but Can't Break Resistance on Light Trading Day

Gold rose 2.1 points on Monday in very light trading as the US markets were closed in honor of President's Day. Gold penetrated the 6 and 8 day moving averages at the low of the day but closed above them. The precious metal is trading sideways for now. https://www.tradingview.com/x/x73NwiOl/ This sideways trading is even more pronounced on the Heikin-Ashi daily ...

GoldBands GoldBands PRO GCJ2017, D, Long , 4 days ago
GCJ2017: Gold Trades Higher but Runs into Resistance
27 0 2
GCJ2017, D Long
Gold Trades Higher but Runs into Resistance

Gold traded higher today, closing at 1240.1, up 5.8 points on the day. While the move was great for the bulls, the precious metal ran into strong resistant @1243.7, the highs from last week. If Gold continues to move up tomorrow, that will mark the 3rd consecutive week up and the 7th out of the last 8 weeks. Here's the weekly ...

GoldBands GoldBands PRO GCJ2017, D, 5 days ago
GCJ2017: Gold Bounces Sharply Off the 21 Day MA
13 0 3
GCJ2017, D
Gold Bounces Sharply Off the 21 Day MA

Gold sold off in the overnight session and tagged the 21 day MA at 1217.5 and then sharply rebounded to close just above the 6 and 8 day moving averages. I have been calling for a tag of that 21 day MA since Monday when price broke through the ice and closed below those moving averages. But now, price is trading above them and the future direction seems like it ...

GoldBands GoldBands PRO GCJ2017, D, Short , 6 days ago
GCJ2017: Gold Continues Moving Sideways
12 0 1
GCJ2017, D Short
Gold Continues Moving Sideways

Gold closed up 3.1 points on Tuesday but that was basically a move sideways. There was some volatility in the morning when Fed Chairwoman Janet Yellen began her testominy. But while the DXY dollar index had a strong move up, Gold stayed basically flat. However, it is clear on the chart that Gold is still trading under the 6 and 8 day moving average so my bias is ...

GoldBands GoldBands PRO GCJ2017, D, Short , 7 days ago
GCJ2017: Gold Breaks Through and Closes Below the 8 Day Moving Average
11 0 2
GCJ2017, D Short
Gold Breaks Through and Closes Below the 8 Day Moving Average

Gold dropped 8.1 points on the day to close below the 8 day moving average. As the dollar rose, gold sold off and finally cracked the 8 day ma. It also closed below the forward adjusted closing price line represented as the cyan line. There is now a high probability that gold will touch the 20 day moving average which is the midpoint of the Bollinger Bands. ...

GoldBands GoldBands PRO GCJ2017, D, 8 days ago
GCJ2017: Gold Ends last Week with Weakness
24 0 4
GCJ2017, D
Gold Ends last Week with Weakness

Gold rose for the second week in a row, ending the week at 1234.7, up 12.8 points for the week. However, after reaching a high of 1246.6 on Wednesday, Gold fell on Thursday and Friday, touching but not breaking through the 8 day moving average. So where does the precious metal go this week? Let's take a look at some of the technical indicators that I use. Gold ...

GoldBands GoldBands PRO GCJ2017, D, 11 days ago
GCJ2017: Gold Tumbles on Dollar Strength
28 0 2
GCJ2017, D
Gold Tumbles on Dollar Strength

Thursday started off promising with Gold hovering around the 1242 level. But then the dollar DXY broke out above the midpoint of the BB and Gold fell, closing the day below the 6 day moving average. At it's low, it touched the 8 day moving average were I am sure many people had their stops. As the Friday session begins in Asia, Gold continues to fall. ...

GoldBands GoldBands PRO GCJ2017, D, Long , 12 days ago
GCJ2017: Gold Gains Almost 8 Points Resuming It's Bullish Trend
22 0 1
GCJ2017, D Long
Gold Gains Almost 8 Points Resuming It's Bullish Trend

Gold continued to move higher today, closing at 1243.1, a gain of 7.9 points for the precious metal. The US Dollar Index $DXY fell today which helped fuel Gold's rise. As I pointed out yesterday, the dollar had closed under the midpoint on the BollingerBand after having tried to break through that line of resistance and I thought that it would move lower today. ...

GoldBands GoldBands PRO GCJ2017, D, Long , 13 days ago
GCJ2017: Gold Pauses and Closes Down Slightly on the Day
13 0 2
GCJ2017, D Long
Gold Pauses and Closes Down Slightly on the Day

After the big move up yesterday, Gold took a pause and closed down slightly to end the day at 1235.5. The low of the day touched the 1.5 Std Dev Bollinger Band at which point buyers stepped in and bought in anticipation of the next move. On a day where the dollar strengthened, Gold maintaining it's position can be seen as bullish. On the chart below, I've added 2 ...

GoldBands GoldBands PRO GCJ2017, D, Long , 14 days ago
GCJ2017: Gold Breaks Through Resistance on Strong Up Day
28 0 4
GCJ2017, D Long
Gold Breaks Through Resistance on Strong Up Day

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 ...

GoldBands GoldBands PRO GCJ2017, D, Long , 17 days ago
GCJ2017: Gold Ends the Week touching the 1221 Resistance Level
33 0 3
GCJ2017, D Long
Gold Ends the Week touching the 1221 Resistance Level

Gold rose higher today after shaking off a selling spree after the NFP numbers were released. Prices fell right to the 6 day moving average before buyers stepped in and gold prices rallied. Prices continued to move higher right up to the closing bell and the action stopped @ 1221.6. Let's see what happens next week but if price can finally break through the 1221 ...

GoldBands GoldBands PRO GCJ2017, D, Long , 18 days ago
GCJ2017: Gold Breaches 1220 but Ends the Day Below
14 0 2
GCJ2017, D Long
Gold Breaches 1220 but Ends the Day Below

Gold pushed up past the 1220 resistance level for the 3rd time since the start of the year, only to be met with strong resistance and falling back under 1220 to be within the range from 1182 - 1220. While I am still long, the upper wick on today's candle is not the most encouraging for the bulls. On the bullish side, price is still above the 6, 8 and 21 day ...

GoldBands GoldBands PRO GCJ2017, D, Long , 19 days ago
GCJ2017: Gold Pushes Up Against a Potential Triple Top
35 0 3
GCJ2017, D Long
Gold Pushes Up Against a Potential Triple Top

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 ...

GoldBands GoldBands PRO GCJ2017, D, Long , 20 days ago
GCJ2017: Gold Breaks Out to Upside - Barely
19 0 3
GCJ2017, D Long
Gold Breaks Out to Upside - Barely

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 ...

GoldBands GoldBands PRO GCG2017, D, 24 days ago
GCG2017: Gold Stalls
11 0 4
GCG2017, D
Gold Stalls

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: ...

GoldBands GoldBands PRO GCG2017, D, Short , a month ago
GCG2017: Will Gold Push Down to 1150?
15 0 3
GCG2017, D Short
Will Gold Push Down to 1150?

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 below ...

GoldBands GoldBands PRO GC1!, D, 4 months ago
GC1!: Which Way will Gold Go?
43 0 1
GC1!, D
Which Way will Gold Go?

Hello Traders, This is a mid-morning update. Following Gold's failure to close yesterday above the previous day's high, and today's failure to hold above the 1267 price level, I closed my Gold position that I had opened last week. While it would be very unusual for price not to at least touch the midpoint on the BB, there is also a very good chance that price ...

GoldBands GoldBands PRO GC1!, D, Long , 4 months ago
GC1!: Gold Continues its Bullish Ascent
45 0 1
GC1!, D Long
Gold Continues its Bullish Ascent

Good Evening Traders! Today was another positive move up for Gold as the precious metal closed the day at 1269.9, up 6 points from the opening. Great news for our long Gold trade, for sure! Equally encouraging is that the Stoch RSI has finally broken above the 20 line, confirming the upward trend. The midline on the BB is now at 1284.5 and it would appear that ...

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