Gold is in a long-term Bull Market with price trading above the 50 week ema, which is above the 200 and 800 week emas. The 50 week ema is currently trending up, with price action pretty over extended, increasing the likelihood of a pull back. A lot of this recent strength is the result of geopolitics with Iran and the assassination of a General who was leading the efforts of Iran’s terrorist acts in the Middle East. Now that guy is gone, there will be less terrorism likely until he is replaced, Iranian Propaganda aside.
Other factors affecting the price of Gold such as recent Dollar weakness and FED Repo/QE programs pumping liquidity, will become headwinds or have lesser impact now that we are in the New Year. The dollar last week put in a hammer at the bottom of an a-b-c correction on the weekly. A morning star can be seen on the daily. So expect dollar strength going forward from here.
The Commodity is in a long-term Bull Market with price trading below the 50 day ema, which is above the 200 and 800 day emas. The 50 day ema is currently up trending, with Gold trading up in a strong b-wave flat that should trade over the previous highs of 1557.10 before trending down again. The popular trading perspective is that prices are going much higher, so all the break-out traders and retracement traders will be getting into the act around the 1557 level.
The Commodity is in a Bull Market on the 4 hour, with price above the 50 ema, which is above the 200 ema, which is above the 800 ema. I doesn’t see anything in the candle stick pattern, wave count, or the technicals that says the top is in. The technicals do say that things are getting over extended... Looking at the trading picture, I would look for price to open up into next week, take out the old high at 1557, and consolidate with stop hunts up and down, and then pull back into the later part of the week. Then we’ll see where things are at.
This is my GOLD look ahead for my own trading purposes. COMMODITIES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
Other factors affecting the price of Gold such as recent Dollar weakness and FED Repo/QE programs pumping liquidity, will become headwinds or have lesser impact now that we are in the New Year. The dollar last week put in a hammer at the bottom of an a-b-c correction on the weekly. A morning star can be seen on the daily. So expect dollar strength going forward from here.
The Commodity is in a long-term Bull Market with price trading below the 50 day ema, which is above the 200 and 800 day emas. The 50 day ema is currently up trending, with Gold trading up in a strong b-wave flat that should trade over the previous highs of 1557.10 before trending down again. The popular trading perspective is that prices are going much higher, so all the break-out traders and retracement traders will be getting into the act around the 1557 level.
The Commodity is in a Bull Market on the 4 hour, with price above the 50 ema, which is above the 200 ema, which is above the 800 ema. I doesn’t see anything in the candle stick pattern, wave count, or the technicals that says the top is in. The technicals do say that things are getting over extended... Looking at the trading picture, I would look for price to open up into next week, take out the old high at 1557, and consolidate with stop hunts up and down, and then pull back into the later part of the week. Then we’ll see where things are at.
This is my GOLD look ahead for my own trading purposes. COMMODITIES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
