As for Gold, ... Good night and have a Safe Great New Week, I hope to post again around this time next week, God Willing.
Here is a chart I posted back on January 3rd and below it is Today's close. The $1,241 has now become support, you can see how it pounded that floor just in the past few days in the 2nd chart.
The $1,252.00 and $1,261.90 are still resistance. I see it tried to take out the $1,250/55 range this past week but its attempts were met with stiff resistance (Once again).
So until we can take out these two areas ($1252/62), we can at least build a Strong Base in this area to support our next move which will be the $1,290/95 area, you can see the top in this first chart at $1,290.
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Here is today's close, ...
I dont see a stand alone pivot below, but I do see one intersection aground the $1,215 or so, but its insignificant at this point, the momentum favors upward direction at this point. It too has taken out its 20 and now, ... its 50-day EMA's, which was not the case in the chart above, just the 20 above.
Even though the W%R is overbought, ... I still see room to move yet higher, ... the MACD bars and lines are now above center and look like they want to rise yet some more. A move to that upper trend-line is not out of the question, the sooner the better. I would love to see a nice handle at the $1,340 by mid summer, that should bring those MACD divergence lines near 50 by then. For now, I would like to see the W%R and the Stochastic moving sideways as it consolidates.
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Were are not out of the woods yet when it comes to Cash Gold, but things are looking better. You can see that the $1,240/41 area (today's open, ...yesterday open and close and also Wednesdays open and close, including Tuesdays close, ... created some support for now at the $1,240/41)
Weekly:
screencast.com
Monthly:
screencast.com
Both the Weekly and Monthly still have work to do, MACD's are still looking down while a couple of the lowers are looking better. It take much more time to correct the damage than it does to create it, just ask our politicians. |
