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Gold Rises to Top of Month Long RangeOn Monday, Gold continued Friday's move up and rose 2.1 points to close at 1254. I have highlighted the month long range on the chart. Price also closed above the 7 day moving average and the haDelta has turned back to blue. In addition, the upper Bollinger Band has started to move higher to 1271.90 And the Heikin-Ashi chart below shows a strong potential trend change. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!
by GoldBands
Gold Falls Below Support LevelsGold closed down 3.7 points on Thursday, falling through support levels at the 7 day moving average and the inner Bollinger Band. While it's not clear if this is going to be a long or short lived downward correction, I am banking on price hitting the 21 day moving average at 1232.90. As I've said before, when price breaks through the 7 day moving average, the is a high statistical probability that price will then touch the 21 day moving average. As for the Heikin-Ashi signals, we now have two consecutive red Heikin-Ashi candles and the daily haDelta indicator has turned red. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GCM2017Short
by GoldBands
Gold Stays Bound within Monday's RangeGold closed down 2 points on Wednesday, once again finding support at the confluence of moving averages and the inner Bollinger Band. While not moving lower than support, price stayed contained within Monday's candle and is setting up for a potential 'Rising Three Methods' pattern. This pattern starts with a long green body that is followed by three small body days, each fully contained within the range of the high and low of the first day. Then the fifth day closes at a new high. If this plays out, then Friday would be the day for price to hit the outer Bollinger Band which is now at 1267.30. While the indicators are still green, the Heikin-Ashi candles are showing a potential end of the up move which you can see on the chart above. Certainly the Heikin-Ashi doji on Wednesday is not inspiring a lot of confidence for the bulls. I recommend protecting your profits and tightening stops. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!Long
by GoldBands
Gold Closes Up Slightly After Intraday Touch of SupportGold closed up 2 points on Tuesday even as the US Dollar gained ground fueled by strong consumer data. After the news came out, the precious metal slowly slid down from a high of 1258.4 to the low of 1247. But there it met support from both the 7 and 8 day moving averages and the inner 1.0 Std Dev Bollinger Band. I am still waiting for the tag of the upper Bollinger Band, which is currently @ 1266.60. All signals are still positive. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!Long
by GoldBands
Gold Gains and Penetrates Mid Bollinger BandGold moved higher today, gaining 10.2 point to close at 1255.7. After penetrating the middle Bollinger Band @ 1255.4 to hit a daily high of 1261, price closed just underneath that middle Bollinger Band. I am still expecting a tag of the outer Bollinger Band at 1266.10, which is my first profit target on this bull trade that started with an entry at 1220. All signals are bullish, including the Heikin-Ashi candles. Disclaimer: This post is for educational purposes only. Trading is at your own risk.https://www.tradingview.com/x/Jf4JUTxT/
COMEX:GC1!Long
by GoldBands
Gold Ends the Week FlatOn Friday, Gold spiked up above 1250 but then sold off as the day drew to a close, to close at 1243.3. On the week, Gold was up 14.3 points. All indicators are bullish and, Friday's Heikin-Ashi Doji aside, I am looking for price to at least tag the 1.5 Bollinger Band or higher. Reversing now without even a tag of that 1.5 Bollinger Band would be unusual. So until we get some red color on the chart, I will be maintaining my long position. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!Long
by GoldBands
Bollinger Bands and the Coast to Coast MoveOne of my favorite uses of Bollinger Bands is to participate in what I call a 'Coast to Coast' trade. This is when price breaks from one of the outside Bollinger Bands and then reverses and moves towards the opposite Bollinger Band. Along the way to completing the opposite tag, price will often react off the 21 day moving average. You can clearly see that on the chart below. After the first tag of the 21 day moving average, price re-bounded and instead of moving towards the other outside Bollinger Band, continued and hit the upper Bollinger Band a second time. And then, a week or so later, price once again rebounded of the 21 day moving average and reversed to hit the outer Bollinger Band one last time. After the third hit of the outer Bollinger Band, price did correct and quite quickly hit the opposite band. That sell off seemed to be enough to propel price back up. Also you can see that one both the last move down and the current move up that price didn't even pause at the 21 day moving average. If you study historical price action off the outer Bollinger Bands, you'll see that 3 tags of one band is pretty much the max. When I see that, I do think counter trend. In this case that was confirmed by the haDeltas both turning red. Disclaimer: This post is for educational purposes only. Please trade at your own risk.
COMEX:GC1!Long
by GoldBands
Gold Rebounds off the 7 Day Moving AverageGold dipped lower in the overnight session but then rebounded off the 7 day moving average. Price is now at the top of the weekly highs and looking to move above 1250. I've added a second haDelta indicator which is set to track the weekly Heikin-Ashi candles. Now both the daily and weekly are aligned in blue. This is a great way to stay in the trade and to filter out noise. For example, yesterday was a down day but even though the sma on the daily haDelta moved down, the overall trend remained up. The Heikin-Ashi candles also remained Green. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!Long
by GoldBands
Gold Pauses and Moves SidewaysGold traded down 3.6 points on Thursday and while it was a down candle, the bull move is still supported by a green Heikin-Ashi candle. It would also be unusual for price to not move past the inner Bollinger Band. As you can see on the Heikin-Ashi version of the chart, the uptrend still appears to be strong; The weekly chart below shows a possible transition to a bull market. This weeks candle is the second green one in a row (unless there's a big sell-off tomorrow) and is a strong move above the 21 week moving average. And while the haDelta indicator is still red, you can see the delta moving average poking above the 0 line, a strong harbinger that the downward trend may be ending. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!Long
by GoldBands
Gold Extends Rally into 6th DayOn Wednesday, Gold continued to climb higher, extending its rally for a 6th straight day. On today's chart, I've put back my triple Bollinger Band setup so we can get a better idea on what price is doing. We are currently at the inner Band, which is set to 1.0 Standard Deviation from the 21 day moving average. It looks pretty certain that gold wants to move to the upper Band to complete, what I call a 'Coast to Coast' trade. The Heikin-Ashi Delta indicator at the bottom also shows that the current trend is continuing to be bullish. Disclaimer: This post is for educational purposed only. Please trade at your own risk.
COMEX:GC1!Long
by GoldBands
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Natural Gas Reverses and breaks above the 21 Day Moving AverageNatural Gas reversed direction today and closed above the 6 and 8 day moving averages. In a statistical anomaly, and sharp reversal, price did not touch the 21 day moving average. I closed my short trade for a small loss and I am now neutral. Even though the new Heikin Ashi Delta indicator has turned blue, there is resistance directly above in the form of the the 50 and 100 day moving averages, the 21 week moving average and the upper Bollinger Band.Strong resistance for sure. Let me introduce the Heikin Ashi Delta indicator. The first and most obvious are the red and blue areas. This represents a 3 day simple moving average on the delta between the opening and closing prices. The second are the green and magenta dots on the edge of the areas. Dots are green if the moving average is above 0 and today's moving average is above yesterday's. If the moving average is above 0 but not above the previous day's moving average , the dot is magenta. The opposite is true for magenta dots. If the moving average is below 0 and today's moving average is below yesterday's, the dot is magenta. If the moving average is below 0 but today's moving average is not below yesterday's, the dot is green. The yellow line represents a double smoothed moving average on the Delta. I'm still evolving my strategy using this indicator and will keep everyone posted. Disclaimer: This post is for educational purposes only. Trade at your own risk.
NYMEX:NGJ2017
by GoldBands
Gold Closes Above the 21 Day Moving AverageGold closed up 5 points on Monday to end the day at 1234 which is above the 21 day moving average which now sits at 1228.60. Today I'd like to introduce my new chart layout which now includes a Heikin-Ashi Delta indicator which was originally developed by Mr. Dan Valcu. Based on Heikin-Ashi candles, there are 3 main components to the indicator. The first and most obvious are the red and blue areas. This represents a 3 day simple moving average on the delta between the opening and closing prices. The second are the green and magenta dots on the edge of the areas. Dots are green if the moving average is above 0 and today's moving average is above yesterday's. If the moving average is above 0 but not above the previous day's moving average, the dot is magenta. The opposite is true for magenta dots. If the moving average is below 0 and today's moving average is below yesterday's, the dot is magenta. If the moving average is below 0 but today's moving average is not below yesterday's, the dot is green. The yellow line represents a double smoothed moving average on the Delta. Disclaimer: This post is for educational purposes only. Trade at your own risk. I'm still evolving my strategy using this indicator and will keep everyone posted. F
COMEX:GC1!Long
by GoldBands
Gold Closes Higher in Wake of Fed Rate HikeGold closed 6.6 points higher in the first full day of trading after the Fed announced a new interest rate hike. Price closed above many of the moving averages, including the 6, 8 50 and 100. It also closed above the 21 week moving average. In addition, as I called out yesterday, price did tag the 21 day moving average as was expected after the close above the 6 day moving average yesterday. However, price was not able to close above the 21 day and this is keeping me from being 100% certain of this bull move. However, I am long and I do expect that price will move up and tag the upper bollinger band. Also notice that the signal line on the stochastic indicator at the bottom of the chart is now above the 20 line and has crossed over the slow line. And also crossing is the 50 over the 100 day moving average. Lots of indication that a bull move is now starting. The Heikin-Ashi view shows that we have completed 2 green days now and Friday starts with another strong green candle. Price did touch that POC on the short and intermediate term Volume Profiles. Let's see if Gold can overcome that resistance level and roll above it. Finally tonight I'd like to look at the dollar index. We now have a solid Heikin-Ashi candle under the Ichimoku cloud and right at the lower Bollinger Band. If the dollar index can continue to moving lower, look at the 200 day moving average (blue line) below at 98.35 as a target. That would be good indeed for the Gold bulls. Disclaimer: This post is for educational purposes only. Trade at your own risk.
COMEX:GCJ2017Long
by GoldBands
Fed Raises Rates and Gold Rises in TurnThe Fed today announced an increase in the Fed rate. This was not a surprise. What was surprising is the Gold rally that followed. In fact, Gold blasted through all resistance levels, including the 6 and 8 day moving averages, the 50 day moving average and the 21 weekly moving average. The Heikin-Ashi chart also shows a dramatic change of direction (see below) Now the question is where is Gold going. First, when price breaks the 6 day moving average, statistically speaking, there is a high probability will price will hit the 21 day moving average. Right now, that's at ~1230. My next target would be the top Bollinger Band. That's currently at 1265. This is what I call a coast to coast trade. After that, well, we'll evaluate that in the days to come. The last chart tonight is the Volume Profile chart. Notice that the short and intermediate term POC is at 1230. This will act like a magnet to price and makes another good target. Disclaimer: This post is for educational purposes only. Trade at your own risk.
COMEX:GCJ2017Long
by GoldBands
Natural Gas Closed Under the 6 Day Moving AverageNatural Gas fell today in trading to end the day under the 6 day moving average. This could be the first sign that the bull move over the last 2 weeks is over. With price closing right at the 8 day moving average and the top of the Ichimoku Cloud, we also had the first red Heikin-Ashi candle in 9 days. My strategy calls for waiting for a close under the 8 day moving average before I go short. Disclaimer: This post is for educational purposes only. Trade at your own risk.
NYMEX:NGJ2017
by GoldBands
Gold moves sideways in Prelude to Fed MeetingAs the United States and the rest of the world wait to hear if the Fed will raise interest rates tomorrow at 2:00 pm EST, Gold continued moving sideways right at the 1200 price level. Price did remain under the 6 day moving average and under all other significant moving averages as I have been pointing out this last week. In addition, we have now finished our 10th red Heikin-Ashi candle in a row. So while the bear run is still intact, anything can happen tomorrow. On the volume profile, we are still waiting to see if price will go back and fill in the area at the low volume node around 1190. Volatility will probably return tomorrow and move the needle on Gold to set up the next run. Stay tuned and good luck trading. Disclaimer: This post is for educational purposes only. Trade at your own risk.
COMEX:GCJ2017Short
by GoldBands
Gold Moves Sideways in Light TradingAs the Fed meeting is scheduled for this coming Wednesday, trading was very light today for the precious metal. Price hovered just above the 1200 mark after hitting a high of 1210.9. That price level coincided with the 6 day moving average as well as the 21 weekly moving average. You can see those levels on the chart as the purple cross and gold dot respectively. Until price closes above the 6 day moving average, I will maintain my short positions. Note that Monday was the 9th red Heikin-Ashi candle. As I had written about last Thursday, there's a low volume node on the volume profile at 1190 and that's where Gold had traded to on Friday. That's still a level of interest. Watch how much support it provides if and when price gets back down to that level. Disclaimer: This post is for educational purposes only. Trade at your own risk.
COMEX:GCJ2017Short
by GoldBands
Gold Keeps Falling, Breaks Below 1200Gold slowly consolidated today after selling off 5 points at the start of the overnight session. Then at the end of the day, price fell through the magical 1200 level (magical only because it's a nice round number :-) ). We now await the non-farm payroll numbers tomorrow at 8:30 am EST. If the ADP numbers yesterday are an indication, this number may beat the 200k forecasted. There are now 6 consecutive Heikin-Ashi candles (see my indicator at bottom of chart) and price has solidly moved past all moving averages and the Ichimoku Cloud. There are 2 key support levels coming up. The first is at 1190 which is a low volume node on the Volue Profile chart (see below). The second is @ 1177.5, which is the 23% fib retracement from the election night high. This also corresponds to another low volume node at 1170 on the volume profile. Disclaimer: This post is for information purposes only. All trading is at your own risk.
COMEX:GCJ2017
by GoldBands
Natural Gas Closes at the 21 Day Moving AverageNatural Gas moved up today, completing the closing of the Gap from Sunday night. Trading right at the 21 day moving average, there are mixed technical signals of its next move. Green on the Heikin-Ashi and a rising Stochastics are bullish but trading at the top of the 4 day range and in the middle of the Ichimoku cloud are Neutral at best. Also, the weekly chart below shows that price has closed a gap from 3 weeks ago. Overall, I remain flat until further confirmation. Disclaimer: this post is for educational purposes only. Trading is at your own risk.
NYMEX:NGJ2017
by GoldBands