RSSCategory: Category: Technicals

XAUUSD price testing major support level, cautious bulls wait

XAUUSD price testing major support level, cautious bulls wait

The pair XAUUSD sharply fell in the global market after hitting the major resistance level at 1366.037. The aggressive price action traders made a decent profit by shorting the XAUUSD pair with the bearish pin bar. However, the pair found some decent support at 1160.495 and started its bullish correction. The bulls managed to take control of the market from that level and pushed the pair towards the critical resistance level at 1346.558. The buyers again lose control of this market from that level and the price of XAUUSD drop towards the nearest support level at 1275.070. This level is going to play a crucial role for this pair since […]

Continue Reading

Silver slowly heading towards a cluster of resistance, strong challenge for the bulls

Silver slowly heading towards a cluster of resistance, strong challenge for the bulls

The price of silver significantly fell in the global market after hitting the critical resistance level at 25.03. Majority of the aggressive price action traders managed to make a decent profit by shorting the silver with the formation of bearish pin bar right at that critical resistance level (25.03). After the extended bearish rally, it found some solid support at 13.64. From that level, the pair started its bullish correction after the formation of bullish morning star pattern in the daily chart. Currently, the price silver is heading towards a cluster of resistance and breaking above that level will be a tough challenge for the bulls. So, looking for a […]

Continue Reading

Gold Leaps and Looks Higher

| November 20, 2015 | Category: Technicals
Gold Leaps and Looks Higher

Yesterday’s rally was the most promising we’ve seen on the hourly chart in weeks. It surpassed no fewer than four prior peaks without taking a breather; moreover, the pullback has been shallow so far. We’ve been short this vehicle with an 1176 basis, but the current stop-loss at 1093.70 should be closely minded, since even moderate strength on Friday could trigger it. If so, it would give us a theoretical gain of $9300 on the position upon exit. If the rally is for real, bulls should be able to move the futures easily past1086.50 Thursday night.

Continue Reading

COMEX Gold Again Capped A Rally. Gold’s 2 Downside Targets.

COMEX Gold Again Capped A Rally. Gold’s 2 Downside Targets.

Gold was looking good until last week Wednesday, October 28th. It must be a coincidence that the COMEX futures gold price always drops significantly on the day of an FOMC meeting / announcement. Right now, gold sits on its 50 day moving average (DMA). If support fails, our downside target becomes $1125 at the lower median line of the blue modified-Schiff fork. The lower median line of the red modified-Schiff fork is around $1050.

Continue Reading

Technicals: Gold Working Its Way Higher

Technicals: Gold Working Its Way Higher

Gold is working its way higher with a nice pullback to what should be support along the median line of this modified-Schiff pitchfork. This chart is meant to emphasize the failed triple-bottom zone where, IMO, a significant amount of resistance can be expected. After a multi-year downtrend many people were expecting the $1180’ish level to be the bottom. When it failed in late-2014 sentiment became very dark which of course set the stage for a quick rally up to $1300. Breaking above this triple-bottom zone and establishing it as support again will be a major milestone.

Continue Reading

Gold’s Bullish Flag Breakout Targets $1200

| October 22, 2015 | Category: Technicals
Gold’s Bullish Flag Breakout Targets $1200

Despite a modicum of weakness today, gold’s technical outlook remains optimistic in the near-term. After peaking near 1190 last week, gold has nudged its way back down to 1165 as of writing. The shallow, controlled pullback after the big rally of the previous days has created a clear bullish flag pattern. It’s worth noting that, despite its name, this pattern is only seen as a bullish sign if we see a breakout above the top of the flag (currently near 1180).

Continue Reading

A Detailed Technical Look At Gold’s Breakout

A Detailed Technical Look At Gold’s Breakout

There has finally been some positive price action on Gold ($GOLD) and to some extent on the gold miners. Let’s take a look. Gold has been building this red wedge for almost three years now. The past two weeks it broke above the trend line and tonight we’ll see a taller candle approaching horizontal resistance around $1180.

Continue Reading

Technical Short-Term Bullish Signals on Gold

| September 22, 2015 | Category: Technicals
Technical Short-Term Bullish Signals on Gold

Gold executed the bullish declining wedge with last week’s breakout. Confirmation is arriving in the form of a new PMO BUY signal and a STTM BUY signal that triggered when the 5-EMA crossed above the 20-EMA. We await a positive 20/50-EMA crossover to retire the ITTM SELL signal.

Continue Reading

What Needs to Happen on the Gold Chart To Become Bullish

| September 22, 2015 | Category: Technicals
What Needs to Happen on the Gold Chart To Become Bullish

Monday’s moderate weakness looks innocuous in the context of the bullishness of the 240-minute chart shown. Notice that the presumptive C-D phase of the rally begun from 1081.40 in early August stalled precisely at the 1141.90 midpoint pivot. This confirms the authority and reliability of the pattern itself, while also shortening the odds that a decisive push past p would go at least to p2=1164.00, or to D=1186.10 if any higher.

Continue Reading

Gold shining ahead of Fed

| September 17, 2015 | Category: Technicals
Gold shining ahead of Fed

One of the obvious beneficiaries of the accompanying dollar weakness has been gold, which is both denominated in US dollar and seen as a store of value in competition with the greenback. Today’s big rally has created at least four significant bullish technical signals

Continue Reading

Gold – A Bullish Scenario

| August 27, 2015 | Category: Technicals
Gold – A Bullish Scenario

Gold’s punk price action this week has turned me mildly skeptical, but I’ll follow the bullish lead of a chat room denizen who saw encouraging signs on Thursday. He posted as follows: “Just to let you guys know, [something happened that] I haven’t seen in a very, very long time: NUGT is up 16%, many of the miners I follow…are up quite a bit, and Gold is not down. This is a telltale sign that Gold…is ready for a launch.”

Continue Reading

How Low Can Gold & Silver Go? Have Miners Reversed?

How Low Can Gold & Silver Go? Have Miners Reversed?

Gold is moving lower and support along the bottom of the price channel is failing. In the daily chart price remains in its $1084-1100 price range but the big picture suggests that we will see lower prices. The entities pushing the paper price of Gold and Silver lower are going to continue pushing until they can’t make anymore headway with their strategy.

Continue Reading

Gold Price Technicals At The End Of July 2015

Gold Price Technicals At The End Of July 2015

While the price of gold is significantly oversold from a technical perspective, and a rebound to correct the recent over-extension to the downside should be due, the possibility of a relief rally will be largely dependent upon shifting speculation with regard to upcoming Fed statements and decisions.

Continue Reading

Gold Price Chart Offers a Glimmer of Hope

Gold Price Chart Offers a Glimmer of Hope

Friday’s rebound looked ever-so-slightly promising, since it followed a moderate selloff that did not quite achieve its ‘D’ target, 1064.00. Now, if bulls can push this erstwhile cinder block above the two peaks shown, it would generate an impulse leg with enough vigor, perhaps, to power a rally into week’s end. The burden of proof will remain on bulls nonetheless, and it should be noted that the last such impulse leg, in mid-June, sputtered out almost immediately, giving way to a $125 decline.

Continue Reading