Gold: Is there just a hint of positive bias beginning to show through? [Video]
We have seen so many major markets (forex and commodities) consolidating recently. This is the same with gold, but is there just a hint of positive bias beginning to show through? The two trendlines continue to converge (six month uptrend now at $1885, two month downtrend now at $1925), but with the market just putting together a run of higher lows and higher highs in the past month, there is a bias towards testing the downtrend now. Early gains today are helping to forge this view and if the market closes around here tonight, it would be three positive closes in the past four sessions. Trading back above $1902 also adds to the mild sense of improvement. The key resistance remains $1933, but a close above the 23.6% Fibonacci retracement (of $1451/$2072) at $1926 comes with increasing positive intent now. Read More...
Gold Spot trades in a sideways triangle pattern
Gold holding below 1899 tests 1 month trend line support at 1890. A break lower tests last week's low at 1883/82. Be ready to sell a break below to test October's low & 100 day moving average support at 1873/72. Try longs with stops below 1868. A break lower is a sell signal, initially targeting 1850/48.
Holding above 1904 targets 1913/15. A break above 1917 targets 1923/24 & 1 month trend line resistance at 1926/28. Try shorts with stops above 1932. A break higher is a medium term buy signal. Read More...
Gold technical analysis: Gold ranges between 50 and 100 SMAs; momentum feeble
Gold seems to be adopting a sideways pattern after retreating under the Ichimoku cloud. The guiding and constricting 50- and 100-day simple moving averages (SMAs), as well as the horizontal Ichimoku lines, further back the suspended picture of the commodity.
The short-term oscillators suggest a frozen state of directional momentum. The MACD, in the negative region, is holding above its red signal line but slightly below its zero mark, while the RSI is zig zagging around its neutral threshold. A completed bullish overlap between the stochastic lines endorses the marginal improvement in the price. Nonetheless, the predominant bullish tone of the SMAs remains intact for now. Read More...
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