Textbook technical's on gold, & the critical point is coming for it.
Gold in a bull market taking out the post financial crisis high in early August and has been consolidating for just over a month and is looking to resume its move higher as the bulls have done everything they have needed to, however the critical point is just days away and if we don't head higher from there expect a significant pull back to the 1800 pivot.
All the points for the bulls (long term to more short term points):
- Purple support line has held ever since march and has seen significant reactions when its been tested here in September
- We were very overextended off of the 200 DMA at 2070 ~ 26% above it, today we are sitting ~13% above it, a much healthier point to be in to see continuation higher
- Beautiful equilibrium being formed with 4 lower highs & 4 higher lows, getting real tight here though as we're now between 1973 & 1932 (if today's low holds), decisive move coming very soon
- 50 DMA is being respected very well with 2 bounces in the past 2 weeks off of it pretty much to the dollar
- Green resistance line saw a nice break above, retest and strong reaction off of it today
- Declining Volume (more of a criteria of a consolidation pattern)
-RSI has been contained between 62 & 48
Its almost as if there are too many bullish points of this chart that I'm concerned we are going to head lower, but with the fed at our backs and sentiment not even being close to euphoric in the PM complex, I think we can head much higher from here.
When Peter Schiff is on CNBC everyday - that's when you sell your gold.
Again this can head south really quick - which is why following the $DXY (ideas linked below) is ever important as its the biggest factor for golds price action, and it is also coming to a very critical point as well!. Going to be an exciting week next week!
Gold in a bull market taking out the post financial crisis high in early August and has been consolidating for just over a month and is looking to resume its move higher as the bulls have done everything they have needed to, however the critical point is just days away and if we don't head higher from there expect a significant pull back to the 1800 pivot.
All the points for the bulls (long term to more short term points):
- Purple support line has held ever since march and has seen significant reactions when its been tested here in September
- We were very overextended off of the 200 DMA at 2070 ~ 26% above it, today we are sitting ~13% above it, a much healthier point to be in to see continuation higher
- Beautiful equilibrium being formed with 4 lower highs & 4 higher lows, getting real tight here though as we're now between 1973 & 1932 (if today's low holds), decisive move coming very soon
- 50 DMA is being respected very well with 2 bounces in the past 2 weeks off of it pretty much to the dollar
- Green resistance line saw a nice break above, retest and strong reaction off of it today
- Declining Volume (more of a criteria of a consolidation pattern)
-RSI has been contained between 62 & 48
Its almost as if there are too many bullish points of this chart that I'm concerned we are going to head lower, but with the fed at our backs and sentiment not even being close to euphoric in the PM complex, I think we can head much higher from here.
When Peter Schiff is on CNBC everyday - that's when you sell your gold.
Again this can head south really quick - which is why following the $DXY (ideas linked below) is ever important as its the biggest factor for golds price action, and it is also coming to a very critical point as well!. Going to be an exciting week next week!
コメント:
Held the lows of yesterday and still within the range.. look into next week for this to resolve
コメント:
Big bear break today, took out EQ support 1, RSI channel broke bearish, unless we get a reversal and make this a false breakout, bearish on gold short term
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