GOLD climbed above the 7-day mode and spent an entire session holding above what is now key support. The upside target is for a repeat of the trading action around the mode, which provides a target as shown on the chart near the $76 level from $69 last.
An interesting note to see that GOLD is now ABOVE the last 5-times that GOLD had higher volume and an increased trading range and a downward price move. This is encouraging for long positions as it indicates the strongest sellers are no longer in control of GOLD up here. Note also that GOLD is solidly profitable with strong margins and low financial risk (low debt).
GOLD is also above its KEY HIDDEN LEVEL - QUARTERLY earnings level, which provides more confirmation of support underlying the shares.
It is fine to buy dips down to the key levels down below and place your stop 3 ATR's from 69 using the 11-day Average True Range.
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IvanLabrie
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Looking good, back to high usage area.
timwest
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The 7-day signal expired, but I failed to follow up and point out the "exit" signal. I hope everyone understands what a "7-day buy signal" means... that it lasts for 7 days. So, to be more clear next time I'll put the 7-day exit arrow on the chart. Cheers. Thanks Ivan.
donrj
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where does it shows from 1162 point?
timwest
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Could you re-phrase the question? I don't understand your question.
A-shot
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Waiting on your update for gold itself ;) i already have at a buy actually. But some more upside is being awaited
timwest
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I didn't see your question - sorry - Gold itself is also tracing out a bottom. Just waiting for year-end next to really get it going in the first quarter. Whoever still holds gold in their portfolio by now is most likely capable of holding it for a long time. Anyone scared of having gold in their portfolio at a year-end portfolio review has already sold, in my opinion. That's why year-end's are the most logical time for bottoms in declining markets from what I've seen trading/investing for 28 years.