As the election rally fizzle, GBP could retrace - potentially to test support at that 100 dma. This analysis is build on the following: 1) possible rejection off the 200 DMA 2) RSI showing divergence 3) Potential corrective rally on USD index (assuming Fed try to play up a June rate hike)
• TO GO LONG, WE NEED A RETEST OF THE SUPPORT OFF THAT TREND (AT LEAST TWICE) • WE ALSO NEED RSI DIVERGENCE TO CONFIRM • Rough Estimate – Build long at 0.7180 – 0.7220 with stops at 0.7120 with a target to raise stop to break even at 0.7300 then maximum target at 0.7500
Just a possible projection as we noticed every EW move followed by an ABC correction then another solid move.
Solid performance by Palladium as it storms ahead to take out several key levels. We are deviating slightly here but the daily chart shows that price failed to close above the 200 DMA and this could mean that a slight pullback in next week price action to test 780 levels but we expect the run higher to continue. Coming back to the weekly, the price action will...
Only a break higher above 1185 or out of the long term down trend line will be sufficient for the bulls to retake control. Short in this sellers market. Price continue to trade below the 20 WMA which is now sitting at 1180. Our stance remains the same here, Platinum to have a corrective rally as long as it trades within the triangle - creating higher low and...
Notice how Silver price is now trading out of the long term downtrend line after its massive rally to all time high of $ 50. We continue to expect price consolidation and a possible low to retest the 13.50 to 14.50 levels to confirm a reversal sign (with the addition of RSI divergence and a double bottom?). Silver need to break out of this triangle with the...
Since the start of 2015, repeated rejection off the 20 WMA confirms that there is no interest for higher gold prices. This also falls into our analysis that the last two years pattern is playing out on Gold prices. Often we see gold prices moved higher in the 1st quarter of the year, followed by setback in the 2nd quarter, but 3rd quarter recovery (which could...
We covered all short positions made at 1150-1160 level at 1125-1135 level. Once again, price found support on that Green trendline - a rising higher low made since 2015 low of 1086. This further suggest that Platinum is also trading in a Symmetrical triangle pattern with a biased for further downside. 1) Break above 1186 we will go long or 2) Break below 1115...
Silver continue to trade in this symmetrical triangle and a breakout looks imminent. The biased is for further downside and measuring the height of this triangle (as a means for profit taking measurement) will take us south of 14.50 or more. Your essential Precious Metal reading, please go to: thebulliontimes.wordpress.com and www.sharpspixley.com
Despite the weakness in USD, gold failed to move back above the 20 dma and as long as price trade below that we will see further weakness going into NFP. Your essential Precious Metal reading, please go to: thebulliontimes.wordpress.com and www.sharpspixley.com
Just a rough estimate given this week price action is so similar to last week's although we have to take this with a big PINCH of salt!!!
Potential IHS playing out in the next few weeks. One to keep an eye on.
Watch how 0.75069 is 50% fib where sellers could push this lower. A short opp here with a stop at 0.760 (risk 94 pips) target the following area 0.73909 (110 pips) and 0.72473 (253 pips). Valid this week.
USD correction should hit support and with that Gold to take another dive lower in this range trading pattern
Palladium remains a difficult metal to trade and given the bounce of the 50% retracement at 754, we are seeing a strong demand and potentially higher move off this price. We cannot rule out another attempt to take out 787. Buy should price pullback between 765 - 775 level with stop at 756 target between 790 to 820 level. Should the target profit hit, we could...
The 50 EMA at 1158.60 served as a good entry point to re Short Platinum with a stop loss at previous high 1185.3 (risk 26.7 points) with 1st target at 1122.60 (reward 36 points) and 2nd target at 1086.5 (72.1 points)
We want to SHORT on the break out from the symmetrical triangle and target 14.50 area (which will be an area for us to close all short positions and swing LONG).
Our argument here is simple. Expect another sell off in Gold this May 2015 (just like the one in 2014 and 2013). Our expectation is gold to retest 1150 -1160 area - somehow maintaining a fragile bull flag formation (although we have to admit prices are trading below 50% fib retracement) HOWEVER, we cannot deny this range could still play out. We again argue that...