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Preciouscommodities

The Gold Odyssey - time to flyA quick note to say that as previously expected, the deep retrace happened, and had bottomed out. The last week closed with a bullish candle with a 5 week high close, that bounced off support from the weekly 55EMA, and broke out of the trendline resistance. Technical indicators have yet to turn around. The daily chart shows Friday's surprise surge in Gold prices, closing on the recent weeks high. Thing is that the technicals are not yet very supportive of a rally, although there already are optimistic indications. Gold is going up!
COMEX:GC1!Long
by Auguraltrader
The Gold Odyssey - retrace & relaunchQuick note that previous projections to 2100 still maintained and appear to be on track, despite a recent retracement in Gold, partially due to the sudden rise of the USD. Although Gold prices fell below the daily 55EMA, today (5th May) saw a gap up in Asian hours after opening. There is a strong follow through (Gap and Run) and IF it closes at this level, then technically, Gold is likely to be back on the uptrend again. Watch as the MACD is turning upwards to crossover. May is an important month to break out of consolidation.
COMEX:GC1!
by Auguraltrader
2
Silver lags for now, wait for it...dg78 asked me about Silver... so a quick look here. The Silver Weekly chart is lagging Gold, but does appear to consolidating since mid 2021. Trendlines are tilting downwards as price appear to be testing harder each time. Last week closed above the 55EMA on a nice looking bullish candle that gapped up and pushed to close above the 55EMA. MACD in this instance is also about to cross into the bullish zone. Lagging Gold, but can turn up fast, like previously. The Monthly chart shows a pennent/flag pattern with the long term target of about 41.20 in mid-2023. Noted that the retracement since the Aug 2020 top did not reach the 55EMA as a support, which can be viewed as a bullish bias indication. Not yet ripe, but when it runs, it should run fast with much potential, IMHO...
COMEX:SI1!
by Auguraltrader
1
Gold preview?Amidst the equity market rout on Friday, Gold made an attempt to break out. The weekly chart shows a decent attempt to close higher than previous weeks (to months), but closed the week short of breaking out. The daily chart reflects that attempt and the breakout was not sustained, although it clocked a higher high. Technicals appear to be turning bullish, but not just yet Am left wondering if this is a preview to Gold starting a new bull run. If it is, then this may be the start of a multi-year upside run...
COMEX:GC1!
by Auguraltrader
Gold... an odd odesseyEver since August 2020, Gold has been acting odd. It has been ranging in a rather large range, and somewhat random IMHO. The week ended strongly down with an engulfing candlestick that covered a six week range, ending at the lower end of the range with a lower low. This is a rather bearish indication IMHO. The daily chart showed this near term bearish with a gap down and long bearish candles. Oddly... appears that the adjusted downside target is 1700-1720; with a longer term upside back to 2000. Just be wary... I am.
COMEX:GC1!
by Auguraltrader