As I noted when I first posted this chart mid April, the 1275 level is a key support for gold. Today that support was busted. Unless bulls can rally gold back over 1275 and close a weekly candle over that figure gold will likely probe last years lows ~1200. My gut tells me that level will not hold (triple bottoms are not usually good lows) and 1050 then 950 comes...
While there appears to be some interesting 'value' plays within the gold & silver sector, the underlying commodity is anything but bullish at the moment. Today's rather violent breakdown seems to confirm that notion and is yet another nail in the gold bugs proverbial coffin. Price rallied off the December, 2013 lows rather nicely but that bounce is fast loosing...
Gold Seasonality suggest a Bullish move from July to October. The year 2008 was the only exception. Gold has been consolidating and is forming a continuation pattern, than suggest a break to the upside.
Looks bearish here as it could be forming major macro bear flag/pennant pattern and if it breaks 121-122 zone w/ volume then it could test 95-98 zone for the extension of the move & this could happen in the next few months.....it looks like the major line or zone of support is around the 90 level which would be around 900 or so actual Gold price.....this area is...
OK...we have tested the break out area and are trying to move higher. If you pull up a weekly chart you will see that we are coiling and like CL1! it could get whippy. These are tough markets to navigate...either use small size or BE PATIENT. We are long GC1! with small size.
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I am starting to accumulate gold as an investment & a hedge against inflation. This is different from my short-term day trades, which I'll take both long and short. I'm more interested in buying physical gold - some to be stored inside the U.S., some overseas, and some in ETF's like GLD.
Energy (VDE), material (VAW), commodities (DJP), inflation protection (TIP), gold (GLD) and bond (TLT).
I am not certain why (probably because of weaker dollar, as shown on the chart), given this, current dollar and rate on their monthly charts are indeed very weak so can these assets perform well during first half of next bear market? Only time can tell. Good Luck!
Some charts are broken, others are difficult to understand, some are messy and others are beautiful.
This one is beautiful. Respects trend lines, fibs, divergences, or anything else that traders use I guess to place their bets.
For me it's just polarity perfection. The way support becomes demand and vice versa.
So far price is following the path of a bearish...
Anticipating gold to bounce off trend (yellow area) and move back up into the $135 range.
We appear to be pinching and I expect we will continue to pinch for at least another year-year and a half.
I'll remain bullish, set my stops and buy the bounce for a few months of hopeful gains.
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All opinions expressed by Emuffn3 on this website are solely...
Well known demand zone to those frequent trading the pm complex, goes back to 2009, where it's original base build before the explosion higher.
Apart from the big positive divergence, momentum shows a double IH&S, hinting at a possible reaction at the same zone.
Also considering silver's dual use as industrial metal as well,even by less percentage of its...
Friends,
A bearish market reversal signal was emitted from my prop system, defining new bearish targets, namely:
1 - TG-1 = 116.76 - 28 APR 2014, moderate-probability
and
2 - TG-Lo = 115.38 - 28 APR 2014, low-probability
While this signal is offering a dominant directional bias, one should remain open to frustrating contingencies. Therefore, let us define...
Coincidentally, TIP has a reverse head and shoulder breakout. This seems to suggest inflation expectation is on the rise, and owning GLD is more favorable than owning DXY (dollar).
Friends,
A quick note on this relative strength chart between Gold and Silver. Last October 10th, 2013, I offered a bullish directional idea based on the completion of a pattern of moderate/high reliability, called the "Kiss Of Death ("KoD").
As the pattern play out quite well, so did price action, as it is now ever closer to the targets defined at the time as...
