Prices failed to hold above Flag resistance and now appear on track to test monthly 50-MA level of $1318 levels.
Also note; the monthly 50-MA has topped out and is now moving lower…towards monthly 100-MA. Losses this month and in the next month could result in a bearish monthly 50-MA and 100-MA crossover. The bullish crossover must have happened in 2002.
Only...
Gold prices retreated in Asia as treasury yields rose, leading to broad based USD strength on hopes Fed’s Yellen could come out hawkish during her speech at Jackson Hole event on Wednesday.
On the daily chart, we have a bearish break from symmetrical triangle, with prices now within touching distance from 50-DMA support of $1329/Oz.
The daily RSI also shows a...
Gold’s daily chart is a mess as we have an expanding channel formation, whose upper end is still acting as a support/resistance.
We have a rising trend line that was breached on August 8 and since then multiple attempts to get back above the same on daily closing basis have failed.
And now we also have a symmetrical triangle formation.
Amid all this the...
Gold’s retreat from the high of $1356 on Friday despite strong US retail sales data marked a rejection at the rising trend line level.
The long upper shadow of Friday’s candle along with a bearish daily close suggests the metal could break below $1333.50 and open doors for a drop to $1310 (July 21 low).
On the higher side, only a day end close above $1358...
We have symmetrical triangle formation on the daily price chart as well on the RSI chart.
We await the breakout, although the odds of a bearish break are high given the failure to sustain above the rising trend line.
A day end close below $1333 (23.6% of May 30 low – July high) would also trigger a bearish break from symmetrical triangle on RSI and...
Gold’s sharp decline on Friday and a breach of the daily rising trend line suggests the rally from $1312 (trend line support then) has topped out for now at $1367 levels, however, a loss of momentum could restrict gold in the range of $1330-1342.
Bulls may make a comeback only if prices see an day end close above $1342 (expanding channel hurdle).
Gold’s rebound from daily rising trend line on July 26 followed by a dip and recovery above $1356 (July 29 high) amid bullish daily MACD and bullish daily RSI suggests prices are likely to test July highs around $1375. We may extend gains to $1380 (38.2% of 2011 high – 2015 low).
On the lower side, only a daily closing below rising trend line support currently...
Gold weekly chart shows a bullish break from two inverse head and shoulder formations after Brexit vote followed by a rise to $1375 and a drop to inverse head and shoulder neckline support followed by a rebound of the same and a break above $1358 (61.8% Fibo extension).
The entire price action suggests we are heading towards $1400 handle by next month or so.
....
Everyone is Busy with Daily and Hourly charts,So I have stepped back and trying to shed some light on Monthly as it is at a very Crucial Decision point.
Falling Trend line from all time Highs we hit in 2011 is here to decide the faith of Gold ;)
Short Term Correction at least to $1200 is expected in coming month or two, it may not come in light of some Big...
Everyone is Busy with Daily and Hourly charts,So I have stepped back and trying to shed some light on Monthly as it is at a very Crucial Decision point.
Falling Trend line from all time Highs we hit in 2011 is here to decide the faith of Gold ;)
Short Term Correction at least to $1200 is expected in coming month or two, it may not come in light of some Big...
Gold’s rebound from rising trend line (drawn from June 6 low and June 24 low) amid post Fed sell-off in USD suggest prices could have formed a short-term bottom at $1370.71 (July 21 low), but reckon the weak momentum in Asia and early Europe would lead to choppy trading.
Further gains are seen following a quick drop to $1333.62 (23.6% Fibo) followed by a rebound...
Pattern – Head and Shoulders: Neckline support around $1311/Oz
Rising trend line support around $1317…could extend up to $1319 over next few hours
A bearish break is seen happening if the Fed statement is hawkish. Knee jerk reaction could take prices down to $1284. As long as the hourly closing is below neckline levels, a drop to $1240 over next few days looks...
Gold’s rebound from rising trend line support on daily seen around $1313 levels if followed by a break above falling trend line hurdle of $1130 on 4-hour chart would suggest a short-term bottom is in place and could yield a re-test of post Brexit day high of $1358.10/Oz levels.
On the lower side, a daily closing below $1300 would suggest a retreat to $1284.41...
Despite gold’s rise on Thursday on the back of strong volumes, a subsequent failure to extend gains beyond expanding triangle resistance on daily followed by a rejection at 10-DMA in early Asia suggests a fresh sell-off to previous day’s low of $1310 is likely.
A violation there would expose rising daily trend line level of $1307.
On the higher side,...
Gold’s repeated failure to get sustain above head and shoulder neckline level if followed by a break below $1320 today would suggest a retreat to $1300 levels (rising trend line). Only a break below rising trend line support seen around $1300 would signal long-term bullish invalidation.
On the higher side, only a day end closing above $1336 would suggest the...
Gold’s sharp rebound on Friday from the low of $1322 followed by a close above expanding channel resistance suggests the bears may have run out of steam and a sideways to positive action could be seen in the short-run.
Thus, a similar rebound from near $1322 levels if followed by a move above the daily high of $1337 would add credence to Friday’s bullish action...
Gold's retreat from 5-DMA in Asia coupled with bearish 5-DMA and 10-DMA crossover if followed by a day end closing inside the expanding channel formation would strengthen bears and open doors for a slide to $1300 levels over the next week.
On the higher side, failure to dip below upper end of the expanding channel could yield a re-test of 5-DMA of $1345,...
Gold’s recovery from the session low of $1327.45 followed by a move back above expanding channel resistance following a two-day losing streak indicates the metal could be heading back to 5-DMA level of $1350/Oz levels, but reckon the resistance would stay intact.
On the lower side, a day end closing back inside expanding channel would add credence to the retreat...
