Dear readers,Most assets rising in price today and the EUR/USD is higher, the price of gold is up. Positive liquidity which is oxygen for all assets markets appear yet again. Technically: The price of gold managed to break above the sharp short term downtrend line. However, I opine that the last three candles on the daily chart are technically very bearish and that will have more implications
Short term intraday turn up in the momentum indicators failed to materialize into rising gold prices. Gold then dropped like a rock below this month low.A lower low after a lower high is technically bearish. Spot Gold is currently trading around the dreaded 666$ level. The uptrend on the daily chart is still intact but might not hold. Elliott wave cyclical point of view: I think we just
As yesterday low failed to hold a selling spree begun. Buyers quickly lowered their bids and the price of gold tumbled. Personally, I had a small short term speculative position which was immediately stopped out for a minor loss. When a FOMC is scheduled I never hold a large position. So it goes...Technically the daily uptrend is still intact. HUI, XAU, and GOX actually finished the day higher
Technically there is not much change… The uptrend on the daily chart is intact.COMEX June gold (GCM7) daily chart- the price is still between the 50 %( 672.50$) and the 61.8 %( 695.8$) Fibonacci levels.CBOT June gold (ZGM7) intraday (120 minutes) chart – the price recently bottomed at 670.1$ and again at 684.1$ today. Bottom to top and top to bottom short term Fibonacci levels are added.
The last time the US Dollar index was around current levels gold was trading almost 250$ lower. In early 2005 a bottom in the USDX was realized and the Dollar climbed 11 points. At the same time gold was initially trading within a tight trading range till breaking out and rallying along the USD.I have been watching some gold & USDX charts lately, my insights are:The inverted correlation between
Dear readers,The gold market showed strength in the face of rising USD Index. This fact which probably surprised some traders - will be very useful at a later stage of this gold global bull market.Technically, as the price of gold broke above the short term downtrend line the bottom was confirmed. Gold then spent some time back testing the downward slope line and then headed higher. Once gold
Dear readers,Seems to me like intraday wave 4 is over and wave number 5 is underway which should exceed 698$ for the Comex June contract (GCM7). For the relevant Elliott wave count refer to this post.A break above the short term downtrend line will give confirmation.GCM7 Gold June Comex Intraday (120 min) chart
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