Tag: gold chart

The current phase of development in Gold

The current phase of development in Gold

The daily timeframe is a picture of “Horizontal Development” in the Gold futures (see right hand side chart below zoomed in for six months).  The highlighted blue “Rectangle” is a Mature Balance Area in Auction Market Theory.  The balance area is a range of current value with the upper extreme being an “unfair high” and the lower extreme being an “unfair low” among market participants in a given timeframe.  “Responsive” type traders fade this range.  “Initiative” type traders are looking for the breakout into trend.  The higher probability trade for either trade plan would be with the prior trend. Is there a specific level that I would buy gold?   My answer is to never commit to […]

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Gold Still Stuck near $1785 – $1800

| September 29, 2012 | Articles: Gold Silver Prices
Gold Still Stuck near $1785 – $1800

Over the last two weeks, gold has had some difficulty clearing the stubborn resistance level beginning near $1785 and extending towards $1800, round number psychological resistance. It has poked its head into this zone but cannot breach it as of yet. When examining the chart it is not difficult to understand the significance of this region. Note that there have been two occasions in the last year, one back towards October 2011 and the other earlier this year in Jan/Feb, when gold either punched through this level or came extremely near to it, but failed to close ABOVE it.   Look carefully at what happened the following week after the […]

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Gold & Silver Price Today – 25 September 2012

Gold & Silver Price Today – 25 September 2012

Both the gold price and silver price are staying strong since the last spike on September 14th. In gold, we see a trading range between $1,750 and $1,790 over the past 7 days. It’s clear that 1,800 is a very strong resistance zone. We are probably experiencing a consolidation period in which the metal gather energy to break through 1,800. The important thing to watch is the gold price not breaking support levels, which are $1,750 and secondary support around $1,730 (as technical analyst and trader Dan Norcini points out). In silver we have a similar view. $35 has clearly strong resistance and the metal “needs some work” to break through […]

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Gold And Silver Fail to hold Resistance Levels

| September 23, 2012 | Articles: Gold Silver Prices
Gold And Silver Fail to hold Resistance Levels

Both of the precious metals had mustered enough energy to finally best those respective chart resistance levels earlier in today’s session but were repelled around midmorning and unable to keep their footing above important chart resistance. It sure seems to be, based on the price action, that there was extremely heavy capping action occuring. It seems to me that the noteworthy strength in the mining sector as evidenced by the robust performance of the HUI has given the bulls a great deal of confidence in stepping up to buy the dips in both metals. Gold has now entered firmly into a zone in which we can expect opposition all the way to […]

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Gold Price Today – September 20th, 2012

Gold Price Today – September 20th, 2012

The gold price is holding firm over the last trading days. It especially remarkable we didn’t see a correction after past week’s rally. It seems we are going to close the week rather stable, after 4 consecutive weekly gains. Jesse writes today: “The line is being held as I said yesterday. 1800 is the next ‘first down’ marker for gold, if they can cross it and hold it. Silver *could* lead the way, but that might look more like a deep pass to midfield.” Spot gold closed the NY trading session $1,767.90 an ounce, which is a slight loss of 0.1% over the day. Trading volume was light. Gold prices at […]

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Gold & Silver Price Today – September 17th 2012

Gold & Silver Price Today – September 17th 2012

It was rather a calm day today as far as the gold and silver prices are concerned. The metals need a short break here, after 4 consecutive weeks of strong gains. The impressive gains of the end of past week, after “QE to infinity” was announced, need to be digested. A month ago, on the 17th of August, the gold price in US dollars dipped below 1,600. The gold price today closed at 1,764.70 on average volume.  As Reuters reports today, the precious metals held more firm than the other commodities, which is a sign of strength and believe in the safe haven character of gold & silver. Silver had a similar price […]

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Chart of the day on September 14th – Gold

Chart of the day on September 14th – Gold

Open Interest and Volume are both rising together on the daily chart in Gold, which historically has been healthy for a continuation in the trend.  See right hand side 6 month daily chart below.  I don’t have any near term resistance other than the round number 1,800. The 30 minute chart, see left hand side below had two 30 minute bars with approximately 50,000 contracts traded in the past six trading days. Open Interest increased in Gold futures 5,594 contracts yesterday, so this rally is not primarily “short covering”.  You cannot have an increase in short covering with open interest rising.  New shorts on a NET basis are being placed, with new longs, […]

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Gold & Silver Prices Today On Fire

Gold & Silver Prices Today On Fire

What a day for gold and silver … September 13th 2012 could become a historic day for the precious metals. At the center of the stage today was the US Fed meeting and the announcement of their decisions by Mr Bernanke at 14h15 EST.  Here is what came out of it in a nuthsell: A new round of quantitative easing was decided, with a key objective to decrease the unemployment rate in the US.  Mr Bernanke said that “We’re looking for ongoing, sustained improvement in the labor market”. He calls the current unemployment rate of approximately 8% a “grave concern.” The monetary stimulus includes 40 billion US dollar per month […]

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Gold Price Today – September 12th 2012

Gold Price Today – September 12th 2012

The spot gold price today rose in the first hours of the London session to a peak at about $ 1746. The price increase was supported by the news coming out of Germany that the constitutional court decided that the European Stability Mechanism (the bailout fund) is not in conflict with the country’s Constitution. Shortly after, the gold price started a steady decline, which accelerated somewhere in the midst of the New York session. The lows of the day were at just below $ 1730. The decline was probably due to a combination of some profit taking (after three weeks of strong price increases) and speculation on tomorrow’s meeting of the US Fed (where […]

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Financial Astrology: Gold and Silver

Financial Astrology: Gold and Silver

The recent rally with gold and silver sort of crept up on many traders who were waiting for the Fed to announce the start of QE3. The rally started the first week of August with or without (?) more QE.  The question mark reflects my personal opinion that more QE is flowing secretly, and not approved by Congress. August 2nd was a date I described beforehand in my newsletter as very critical for the markets and gold.  I felt that gold would be at high risk for a significant pullback on that day.  Gold did take a hit that day however gold ended up faring much better than Knight Capitol […]

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Gold seeing some strength

Gold seeing some strength

Gold appears to be catching some decent buying in today’s session – buying that has been strong enough to take it out of the range within it has been trading for approximately the last ten days or so. Note the resistance levels shown on the chart and you can see the progress. It still has a big hurdle to clear if it is going to get any fireworks going and that hurdle remains the same as it has been for some time now, namely the region up near $1680. It seems that Central Bank buying below the market has shored up support on the chart. One gets the impression that […]

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