Gold had a great week, despite finishing a little weaker on the Friday session. With the risk-on in equities that unfolded, the metal lost some ground late in the week. There are many factors pulling Gold in different directions, but in the end, its been Gold that has been grinding towards highs. If you have been following us you know that we have a bullish bias...
Gold surged today through a cluster of resistance in the 1588-1592 area and is sitting on top of $1600 for the first time since April of 2013. The bullish move to a close at $1601 was seen as a reaction to an Apple Q1 revenue warning - predicated on the effects of the Corona-virus. But at its core, what this means, is that expectations are rising that the major...
As we head into the weekend, Gold is once again pushing higher into resistance. With 6 out of the last 8 trading days completing as green candles, Gold has managed to move up over $1580 and challenge the upper trend line dating back to the highs of January 8th. Gold has been coiling up in this symmetrical triangle pattern for weeks, and this hints at an upward...
If you recall our last post, we were sitting happily short, in a half position of WTI Crude – watching for a potential signal that the bearish trend was ending and that it was time to switch long. Well we got the nice long green reversal candle we wanted, but the day after confirmation did not come (black arrow), and Crude is sputtering here into the weekend. It...
In our last post we suggested that a bounce in Crude could unfold, followed by lower levels still. We were looking for a bounce up to the $54-55 area, followed by at least a test of the June 2019 lows in the $50.50 area. The bounce came (...and went quickly!) as Crude touched $54.35, before it resumed its downward spiral - a spiral that continues as we type this....
Crude behaved almost exactly as we expected, reaching down to the $52 area before settling around $52.80. As of now we are hovering in the $53.60 area, looking for direction. A factor that should start creeping into oil markets in the days to come, are the effects the Coronavirus will have on oil demand. As of now, reports are saying that there is little to no...
If you have been following our posts on Gold, you know that we turned decidedly bullish a few days ago, and have been hoping for a pullback to buy. Instead Gold has reeled off a series of higher highs and higher lows and appears (not confirmed) to be breaking out above channel resistance. The higher highs and higher lows have carved out a triangle pattern with...
Rather than drifting back to the lower end of its range, gold has reversed higher the past 3 days and is pushing nicely towards upper resistance within this large pennant it has carved out (Daily). As mentioned in past Gold posts, a sustained break above 1490 (and the pennant) is very bullish and could lead back to September highs. The questions surrounding the...
Long off a potential bounce in Daily Trend Line Support. Descending Wedge patterns typically are bullish and breakouts to the upside occur approx. 70% of the time. Bullish price action off of a retest of 2.0850 support level could lead to resistance at 2.15 and maybe even 2.24 - careful, this pair is a mover -
Waiting for weeks for this to hit .9550 - Small pullbacks despite overall USD weakness - Will add around .9700 -SNB jawboning that CHF is overvalued as well.
