Gold's moved above a short-term upper (Gray) trend-line today, which also puts gold above the 20-day EMA for now, ... lets see if we can get more than just a day or two out of it this time, this makes it the 2nd day in a row above the 20-day EMA, its something we haven't seen done on this chart, ... I see we closed and opened above it just once, in-between the 6th and 12th of Dec.
In the chart below, you can see that gold closed at $1,238.50 on Dec 13th, which is (so far) today's high, it would be bullish to see it close above this number, or at least close very near today's high and take it out with conviction Monday morning, but we know how TPTB work on Sunday night.
If gold can move above $1,238.50, the next level to watch would be $1,241.10, followed by $1,252.00 and then $1,261.90, which could very well be a ceiling before a retest of lower levels resume, but no one knows how low it will hammer down, it could hammer a solid sideways base for days and even weeks, or just one Quick Solid Smack-Down and run back up again, or maybe even drop back to its lows, its anyone's guess, and also out of our hands!
Whats negitave on the chart above are the MACD-bars, they are not reacting to this upwards move, not like the Stochastic and W%R are, ... the bars continued to shrink even as gold was moving higher and are not move back above center, but maybe they will soon.
But I think your still calling for lower levels, ... levels well below $1,180 perhaps?
Maybe so, ... and I dont think anyone here is ruling it out, ... many here and elsewhere are under the impression that we will see $1,080/$1,030, and if it does, it wont be due to Fundamentals, it will be manipulated lower for the sake of the U.S-$.
Fundamentally, gold's supply/demand line is shrinking much quicker than many say. If we can get above the high of that daily bar ($1,261.90), we have a Solid chance to run to $$1,290/1,300. the high on that particular daily bar is $1,267.70.
I appreciate you sticking your neck out and calling some of these levels, Thank You for your views but just like anything else in these markets, Fundamentals can and do override Technicals, but in due time, technicals come back into play, this is how markets move up and down, events trigger directions, so technicals can take a back seat at anytime and for just about any reasonable legitimate reason (and sometimes not so reasonable).
;-)
JM2¢ |
