The short term uptrend was broken on Friday. Gold and silver are currently vulnerable for more downside. Successful retest of the uptrend line should be a short term buying opportunity. Enlarge chart for better view.XAUUSD intraday chart
Gold followed silver for a new monthly (March) high. The top to bottom chart is annotated with Fibonacci levels and the uptrend channel. All action options are open but the action will be dependent on options... The current short term chart pattern is a perfect example of the limitation in Elliott wave analysis: Is it (A-B-C) uptrend pattern or a five wave pattern? XAU/USD Intraday ( 120 min)
Dear readers,The price action of gold was somewhat mild recently as the money metal consolidated around its 50 days moving average. The uptrend which connects the October 2006 and January 2007 lows is still intact, additional support levels at the 200 daily MA and a bit above the January low. In my opinion there isn't much conviction yet as if another leg up will begin from here or is further
The Yen Is a hot topic lately and so called "Experts" decided that the Yen is to be blamed for the recent volatility hiccup of the global markets. Well, it is true that gold in term of yen made a new 20 plus year high just recently whereas in terms of USD and Euro it did not. This fact might be important to remember.As for the USD/JPY pair?Let's put aside the carry trade and interest rates and
Gold, Silver and precious metals shares continue to recover today. As I see the situation the metals must be a better long term buy after last week drop, however I'm not totally convinced that the bottom of the move is in so traders should be cautious with leveraged short term positions. Uptrend channel still intact on the daily XAUUSD chart.Spot gold Intraday chart, 2 hours candles with
Dear Readers,One can notice the extreme bullish sentiment quickly vanishing. From a technical perspective the downtrend is decelerating but that can quickly change. Gold finds some temporary support at key Fibonacci levels. Silver behave the same as gold with a little more upside / downside kick. The weekly indicators are ok, daily still bearish and the intraday are mixed (some positive, some
Believe it or not this correction is not meaningful when viewed from a cycle analysis point of view, such as Elliott wave count.I have tried to warn you in the several last posts and I hope that at least some of you took profit on speculative short term positions.Long term positions should not be affected at all and anyone should be aware that those steep and sudden sell offs will repeat from
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