Gold Prices Today – Intraday, This Week, This Month, And Longer Term
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June Gold’s chart leaves a little more room for corrective weakness than did the March futures’ chart. Specifically, the selloff of the last three days has yet to breach the 1180.70 Hidden Pivot support of the patterns shown. If that were to occur, we would have to infer that more downside to at least 1173.30 awaits. That target is calculated by simply sliding up to the commanding high at 1220.40 as a point ‘A’ for the downtrending pattern.
The recent rally is respectable because Gold pushed through several significant resistance areas in the process. The is break through $1181 to $1188, then the round-number at $1200 along with the 50 day exponential moving average which is also at $1200. After the recent 70 run Gold deserves a break to consolidate its gains and gather energy for the next push higher.
Gold Spot price slipped to test the prior low at 1,143, below the 2005 uptrend and MAs, holding flat. The recent low may carry a potential positive divergence in the weekly momentum with a higher low on the recent test versus the late 2014 price low, but the current weekly reading is negative and would need to turn positive. One can note a similar positive divergence on the 2013 test of price support with a higher momentum low, followed by a minimal rally.
Friday’s dirge was dispiriting, but we can take a patient view nonetheless because the weakness merely touched the 1191.60 downside target I’d broached here without demolishing it. The decline left us with the prospect of a marginally lower low on Monday at 1186.90, calculated by shifting the b and c coordinates down a peg (to B2/C2). You could bottom-fish there with a stop-loss as tight as four ticks. Alternatively, the futures would need to close above 1208.40, the midpoint pivot of the large ABC pattern shown, to suggest bulls are about to roll.
For the week commencing March 30th, quite some economic data are scheduled to be announced, as seen in the table below. There is no central bank announcement on the agenda. Tuesday is a busy day, with the European CPI and U.S. consumer confidence data being released, among many other data. We believe the nonfarm payrolls and unemployment rate in the U.S. on Friday have the potential to create some volatility in markets and metals, but at the same time, as it will be Good Friday, we expect a neutral reaction. The “joker” in the coming week(s) is the evolution of the geopolitical situation in the Middle East. Obviously, there is a potential for increased demand of a “safe haven” asset if things would go wrong in the Middle East.
Our Selection of Longer Term Gold Price Charts
We spend quite some time and effort analyzing the gold price, both on the short term and on the long term. The result is a wealth of information and analysis in the form of articles (analysis, market views and commentaries). Below is a selection of the 5 most valuable long term gold price analysis, containing many gold price charts:
Mind that gold is primarily a monetary metal, although it has also characteristics of commodities. So when analyzing the gold price charts, please make sure to also look at the more fundamental aspects of gold. An economic assessment, as well as an in-depth analysis of the monetary environment, are key. By doing so, one could find for instance a huge disconnect in gold being an investable commodity versus gold being a hedge against monetary, particularly after the gold price drop in 2013.