Gold price is widely followed in financial markets around the world. Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a fiat currency system in which paper money doesn't have an implied backing with any physical form of monetization. AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
EMA almost crossing over, bounced off 38.2 fib level and uptrend trend line, went through 61.8 level, buy to 1326 at least. USDJPY is heading lower, Gold works in the opposite. Invalid if it falls below 61.8.
Image left with no comment. No predictions made here. Simply a statement that the long term bull market pattern is still in tact and seems to be setting up in a very similiar way to the 1980's bull market.
So... Gold... There isn't a lot of people, who wouldn't want to own some physical gold, like jewelry, coins and etc. Gold has always been seen as a safe haven, when the times are bad. But, recently, Cryptos joined that "safe haven" team as well. We'll see how that works out in the future.
1295 - that's what you need to keep in your head if trading Gold at this ...
Gold has been trading within an upward moving range-bound channel since the start of 2017. The primary trend remains upwards, with secondary corrections. Whilst investors Globally have turned towards riskier assets amid sustained economic growth low interest rates and low inflation, Gold is likely to see another correction. In previous sessions prices formed head ...
https://uk.tradingview.com/x/1H3ZoHgq/
My thoughts on GOLD
Formed a nice doubletop earlier on in the previous few months and broke through our yellow resistance line to form a new high for the year, before coming straight back down below our yellow support and resistance zone, based in technicals i think we will see a retest of our yellow resistance line and ...
Gold mining shares have not been this undervalued relative to the price of gold in 9 years! The price of gold has just recently broken out of a 6 year downtrend. Buying gold miners at this low point in their valuation might be a good way to leverage the price of gold higher and maximise returns!
So... Gold...
I will really stay neutral/bearish on this right now. I will explain.
We are getting close to that strong trend line, that started around the beginning of February of this year. The second sell-off this year around end of March, actually created that point, where we connect the two lows, which creates that trend line. Till today, it seems like it ...
The Dow / Gold Ratio is setting up in a very similar way to its previous drop. Meaning either Gold will rally with the Dow entering a bear market or that Gold will rise or fall with the dow at a greater or lesser rate respectively. 9 times out of 10 its the first scenario that is true.
Might be a very good time to sell the Dow / Stocks and buy gold and gold miners.
It would be a huge surprise to all technicians if this commodity would blow up to the upside now. I understand that surprises happen, but, common! It just has to touch the 1296 level!
Ok, let's forget about all my dreams of certain levels and get back to reality.
The bias is still to the downside. There could be a situation, where this will try to touch the SMA ...
Validated confluences
1.Daily resistance in control
2.Support broken Resistance valid (Opposing zone breached) (Strong Indication)
3.Profit margin 1:4 (could hold if there any sign of reversal
4.No major support until 1295.00
5.Breach of Daily/Weekly timeframe Upper Bollinger band strong indication of overbought price (strong Indication)
So, in my yesterday's analysis on the Hourly chart, we managed to fill the little gap that we had.
Looking at a bigger scale, this commodity is looking Bullish, but I would like to see some retracement in order for it to shoot even higher.
My target for this month is 1370 (maybe 1375 if we're lucky). To be honest, not far to run, from where it is today.
But in ...
Could be or could not, who knows. But I think it could, considering the fact that there is a little gap that we formed, that theoretically, should get filled. But it might not happen.
Stay sharp and keep an eye on the price action!
Validated confluences
1.Weekly/Daily Support broken Resistance valid Around July to September 2016
2.Trend Trading
3.Profit margin 1:3
4.No major support until 2170.30s so desirable profit margin
