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Gold Tumbles on Dollar StrengthThursday started off promising with Gold hovering around the 1242 level. But then the dollar DXY broke out above the midpoint of the BB and Gold fell, closing the day below the 6 day moving average. At it's low, it touched the 8 day moving average were I am sure many people had their stops. As the Friday session begins in Asia, Gold continues to fall. Statistically, once price breaks below both the 6 and 8 day moving averages, there is a high percentage probability that price will hit the 20 day moving average, or the midpoint of the Bollinger Band @1214. Here is the volume profile chart that I've been showing the last few nights. On the long term profile on the far left of the chart, I had been thinking the price would roll up through the low volume area to POC at 1270. But now with price moving lower, it's interesting the the short term POC on the right profile is at the same level as the midpoint of the Bollinger Band on the daily chart above. Coincidence? Confluence? Let's see what happens. :-) *Disclaimer: this information is for educational purposes only and should not be taken as trading advice.
COMEX:GCJ2017
by GoldBands
Gold Gains Almost 8 Points Resuming It's Bullish TrendGold continued to move higher today, closing at 1243.1, a gain of 7.9 points for the precious metal. The US Dollar Index $DXY fell today which helped fuel Gold's rise. As I pointed out yesterday, the dollar had closed under the midpoint on the BollingerBand after having tried to break through that line of resistance and I thought that it would move lower today. It did and Gold was the beneficiary, continuing it bullish trend. What we want to see now is Gold to keep hugging the outer BollingerBand, rising steadily between the BollingerBands and the rising 6 day moving average. You may want to use the 8 day moving average as a good place to put your stops. You can have confidence in the bull trend as long as price stays close to the outer Bollinger Bands and above the 6 and 8 day moving averages. You can also use the Heikin-Ashi as a great way to monitor the trend. Look at the chart below. Following the colors is a great way to stay confident in your position. Green is Up and Red is Down. It doesn't get any easier than that. :-) My final comment here is that you can see that price is trading in the middle of a low volume area. Price may pause here and try to fill in that area before making it's next move.
COMEX:GCJ2017Long
by GoldBands