There might be the best few weeks of this year for gold -0.17% ahead of us in the following 2-3 weeks.
Last weeks' gains are very important. We successfully printed a big weekly gain after the previous weeks' red candle. It's not just a green candle, we also run to a higher high and it's the highest close in 12 weeks.
We are back to the level of the election week's low...
And we printed these gains without China gold -0.17% market.
In the previous 2 week we were trying to break below the 10 EMA but price has gained back above the 10 EMA both times. Last week we bounced from there and closed above the 20 EMA.
Notice how last year gold -0.17% was printing its rally above the 10 EMA. When we couldn't break below it price bounced hard from there crashing the BB's upper band.
I think the same thing is going to happen this year.
Don't forget China is back on Monday. The USD had weakened 1.8% last week. China will do the same to the Yuan. When the Yuan is weakening people will seek safe heaven assets to house their savings and protect it from devaulation. But this time as Trump is supporting the dollar's declining valuation the money will start to flow into gold -0.17% .
This phenomenon is likely to get stronger if stocks start to fall but that is not necessary for a gold -0.17% rally. Gold -0.17% can rally along the stocks ...
Indicators
RSI is heading to the overbough territory. We have to think about closing the position when it leaves overbought.
MACD just crossed over it has a long way to go.
SlowStoch also has a lot of time till it gets overbought.
The next important resistance is the 50 and the 200 MA. Last week we closed above the 100 MA.
Next week I would like to see a close above the 200 MA and maybe on the 50 MA.
2 -3 weeks from now we might be tagging the BB and the blue trendline .
Last weeks' gains are very important. We successfully printed a big weekly gain after the previous weeks' red candle. It's not just a green candle, we also run to a higher high and it's the highest close in 12 weeks.
We are back to the level of the election week's low...
And we printed these gains without China gold -0.17% market.
In the previous 2 week we were trying to break below the 10 EMA but price has gained back above the 10 EMA both times. Last week we bounced from there and closed above the 20 EMA.
Notice how last year gold -0.17% was printing its rally above the 10 EMA. When we couldn't break below it price bounced hard from there crashing the BB's upper band.
I think the same thing is going to happen this year.
Don't forget China is back on Monday. The USD had weakened 1.8% last week. China will do the same to the Yuan. When the Yuan is weakening people will seek safe heaven assets to house their savings and protect it from devaulation. But this time as Trump is supporting the dollar's declining valuation the money will start to flow into gold -0.17% .
This phenomenon is likely to get stronger if stocks start to fall but that is not necessary for a gold -0.17% rally. Gold -0.17% can rally along the stocks ...
Indicators
RSI is heading to the overbough territory. We have to think about closing the position when it leaves overbought.
MACD just crossed over it has a long way to go.
SlowStoch also has a lot of time till it gets overbought.
The next important resistance is the 50 and the 200 MA. Last week we closed above the 100 MA.
Next week I would like to see a close above the 200 MA and maybe on the 50 MA.
2 -3 weeks from now we might be tagging the BB and the blue trendline .
Comment:
wtf