Gold: 2017 Technicals
Updated
We are seeing a good bounce this week.
The weekly chart for 2017 looks very promising.
The fundamentals for 2017 alse look promising
We need a clean and strong break of 1171 for this to work.
A happy 2017.
The weekly chart for 2017 looks very promising.
- RSI is turning up from hitting 30.
- MACD will cross in negative territory.
- MA50 is crossing MA200 this week.
- We printed a healthy correction for the 2016 rally.
The fundamentals for 2017 alse look promising
- DXY made a 14 year high, a serious correction is near.
- S&P 500 is making new all time highs on staggering earnings. (I can't believe people are buying at these P/E levels...)
- The FED again made a promise they can't keep.
- Inflation has yet to pick up.
- The possibility of a EU breakdown is looming
- European banks are facing solvability issues, politicians said another bailout is off the table.
- Trump is a big question mark, the only certainty is the uncertainty he brings. He's the only one that might spoil our 2017 gold party with a prolonged USD/S&P rally.
We need a clean and strong break of 1171 for this to work.
A happy 2017.
Trade active
XAUUSD long1140 SL 1122
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