Vox Royalty finds weekly supportI am going to assume that the price of gold is supported around the $1800 for the rest of 2022. If that level were to break, and a bear market ensued, precious metals miners, #GDX, etc. would come under pressure and the current rising tide that is lifting all boats would recede and companies like Vox Royalty Corp may come under pressure becue of sentiment.
Fundamentally, the Vox Royalty story goes from strength to strength and this coming earnings report should highlight the accretive nature of the current producing royalties which will form a base for what happens in the rest of 2022 and then beyond. With all that said, I don't think we get back down to C$2.69, which is the previous support, imbalance. This week's low dipped into C$3.66 and was rejected, which to me shows that the support level is currently there with the volume confirming the price action.
Looking left across the chart, there is no level of market structure to worry about, which means liquidity runs above C$4.00 is the path of least resistance.
Preciousmetals
$PPLT Platinum ETF. Looking very bullish200 day moving average providing very good support and a very nice 200MA and 40 SMMA cross. This is looking very bullish from my perspective. I have a position.
Gold - Bullish trend has resumedIn the recent past we suggested that the bullish breakout above 1835 USD resistance level would take place. We also noted that it would be followed by resumption of the uptrend. The bullish breakout occured and gold broke above 1850 USD and 1877.14 USD (important resistance levels). Currently, gold trades slightly below 1900 USD price tag which remains our short-term price target. We remain bullish on gold and we expect the bullish trend to continue. Indeed, we expect gold to hit a new all time high value in the current bullish cycle. Our view is supported by bullish technical indicators on daily, weekly and monthly time frames. Additionally, our view is supported by fundamental factors such as high inflation and low interest rates in the United States. We expect the FED to raise interest rates by 25 basis points next month; and we view it as a substantial threat to the global economy. Because of that we would like to set the medium-term price target for XAUUSD to 1925 USD (this price target will change to short-term once 1900 USD is taken out).
Illustration 1.01
Illustration above shows the weekly chart of XAUUSD. The rectangle pattern spreads between 1750.740 USD and 1834.195 USD. The picture also depicts volume below the candle chart. Extreme increase in volume coincides with the bullish breakout above 1835 USD resistance level. Such a high volume was unseen since June 2013.
Technical analysis - daily time frame
RSI is due to perform crossover above 70 points which is very bullish. We expect this phenomenon to be accompanied by further rise in the price of gold. MACD and Stochastic are also bullish. In addition to that, DM+ and DM- show bullish conditions in the market. ADX continues to increase which suggests the bullish trend is gaining strength. Overall, the daily time frame is very bullish.
Illustration 1.02
Picture above shows the daily chart of XAUUSD. It also shows the difference between previous bullish breakouts and the most recent one. Spike in volume is clearly observable on the most recent bullish breakout above 1835 USD.
Technical analysis - weekly time frame
RSI, MACD and Stochastic are bullish. Additionally, DM+ and DM- show bullish conditions in the market. ADX started to increase which suggests the bullish trend is gaining strength, similarly like on the daily time frame. Overall, the weekly time frame is bullish.
Support and resistance
Short-term support sits at 1877.14 USD. Support 1 lies at 1834.195 USD and Support 2 at 1750.74 USD. Major support level can be found at 1676.866 USD while major resistance level sits at 2075.28 USD. Short-term resistance appears at 1916.615 USD and Resistance 1 is at 1965.572 USD.
Please feel free to express your own ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
Gold - Does bullish breakout mark the beginning of an uptrend?Gold broke above the key technical level at 1835 USD. Furthermore, it moved above 1850 USD and then reached a high of 1871 USD. Overall, these developments are very bullish; indeed, they may possibly mark the beginning of a bullish trend in gold. We are currently very bullish on gold and because of that we would like to set short-term price target for XAUUSD to 1875 USD and medium-term price target to 1900 USD.
Technical analysis - daily time frame
RSI is bullish. MACD and Stochastic are also bullish. DM+ and DM+ show bullish conditions in the market as well. ADX started to increase which suggests the bullish trend has resumed. Overall, the daily time frame is very bullish.
Illustration 1.01
Picture above shows the daily chart of XAUUSD. It also shows the most recent bullish breakout above 1835 USD.
Technical analysis - weekly time frame
RSI is neutral while MACD and Stochastic are bullish. DM+ and DM- are bullish too. ADX remains low. Overall, the weekly time frame is bullish.
Support and resistance
Closest resistance sits at 1877.14 USD. Resistance 1 is at 1916.615 USD and Resistance 1 at 1965.572 USD. Major resistance lies at 2075.282 USD while major support sits at 1677.686 USD. Support 1 can be found at 1750.740 USD and short-term support at 1834.195 USD.
Please feel free to express your own ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
AUY's Inevitable Path to $7Is it finally time to be bullish on gold and silver mining stocks? A lot of indicators are pointing to YES. There will certainly be pullbacks along the way, but with interest rates rising and war tensions overseas, precious metal stocks are beginning to gain a lot of interest. NYSE:AUY will be the perfect example of that.
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GDX LONG, MASSIVE MONTHLY BULL FLAG = Target $58.40This is a MASSIVE Monthly BULL FLAG (Blue). After breaking down this massive trend channel GDX has recovered and is now breaking back into the huge UPTREND Price channel while MACD is remaining above ZERO.
I realize the month is not over yet but when you are struggling to find places to put your money when the stock market is retracing this would be my next trade. Also with the Gold chart looking better each day and that GLD Trade I posted going so well this would be the place to add to that exposure with more upside potential.
Long at OPEN tomorrow.
Target = height of the flag pole putting us at $58.40
LTHM Falling Wedge Breakout to $30!Hey Traders,'
As you can see on the 1D chart of LTHM, we have experienced lower lows and higher lows, symptoms of a falling wedge. The target out of this falling wedge would be $30-31. However, I would keep a close eye on the golden pocket level and potentially start taking profits at $28. The weekly MACD is also showing signs of reversal to the green area. We additionally have a Bullish Divergence to top this off, the price is descending while the momentum oscillator (RSI) is ascending! In the very rare case we breakdown the target would be $13-15.
Safe trading,
-Pulkanator
XAUUSD UpdateI know I have been like a parrot lately. "Gold is short, gold is shooort". Still I cannot see how the gold can be bullish from where it is now. To make it bullish b-c (circled) should be an impulse move (which is not) or form a part of leading diagonal (possible, but stretched)
The count is updated to fit the most likely scenario in my view. Invalidation line is truly the last stronghold.
So, Gold is Shoort!
$GLD Newgold ETF. Flag buildingBullish looking flag building. A break would open a 29000 target on this chart. Wait for the break.
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...
Gold - Odds of bullish breakout are increasingGold keeps holding up pretty well despite the prospect of upcoming rate hikes in 2022. It continues its choppy price action within the neutral zone between 1750 USD and 1835 USD. At the moment, it trades slightly below the upper bound of the neutral zone which increases odds of yet another bullish breakout. We noted previously that we expected such breakout to be accompanied by resumption of the uptrend. However, previous breakouts became invalidated shortly after their occurrence took place. Because of that we will pay close attention to price action and we will reassess the situation as developments move forward.
Illustration 1.01
Picture above shows the daily chart of XAUUSD. It also shows the price which has returned back into the upward moving channel. This is bullish development.
Technical analysis - daily time frame
RSI and Stochastic are bullish. MACD is bullish too. Same applies to DM+ and DM-. ADX contains low value which signals that no trend is currently present. Overall, the daily time frame is bullish. However, lack of suggests that price action will continue to be choppy until breakout above the neutral zone or below it takes place.
Illustration 1.02
Picture above depicts the daily chart of XAUUSD and its previous false breakouts and invalidations. We will observe whether gold will manage to break above the resistance at 1835 USD without being invalidated shortly after.
Technical analysis - weekly time frame
RSI and Stochastic are neutral. MACD is bullish. DM+ and DM- are mixed with ADX suggesting the presence of the neutral trend. Overall, the weekly time frame is neutral.
Support and resistance
Main resistance lies at the upper bound of the neutral zone (1835 USD) while main support sits at its lower bound (1750 USD). Other important resistance levels can be found at 1850 USD, 1877 USD, 1916 USD. Other important support levels can be found at 1725 USD, 1700 USD and 1676 USD.
Please feel free to express your own ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
Seasonal Futures Market Patterns Gold & SilverHey traders today I wanted to go over the best Seasonal Patterns in the Gold & Silver Futures Market. Gold & Silver and other precious metal markets follow an annual reliable seasonal pattern due to supply and demand . Knowing when to find these seasonal market patterns on your charts can really benefit us in our trading.
Enjoy!
Trade Well,
Clifford
Gold UpdateTo answer your question of are we still in wave i, I would say no. We may have passed right through wave ii and on to our next descent.
Knowing when NOT to trade is also important | XAUUSD Today we will take a look at XAUUSD. I really like this asset to trade because of the consistent trends it provides, which are great for swing traders.
When you are executing a swing strategy , the main thing is avoiding choppy conditions and increasing the odds of developing setups on situations where you may observe clean trends from point A to point B.
In this situation, I want to show how I'm currently thinking XAUUSD . Since MAY 2021, the price has been moving sideways on an average price of 1800, going up and down. This is the type of situation where I don't want to develop swing setups because I'm not observing trending behavior. That's why NOT trading is protecting my capital from low-quality setups. The better you become at waiting for perfect scenarios, the higher the odds to engage on high-quality trades that provide a clear edge after several executions.
As you can see, I have defined the current area between the support and the resistance as "Bad zones for swing setups." And I have defined the support and the resistance zone as "good levels for setups" Why?
Because as I explained before, in the current area, we are not observing clear trends for us to develop swing setups. That's why we need to wait for the price to make contact with key levels (support and resistance). It is from these key levels that 2 things may happen: the price will break it or bounce. As we are working on a weekly timeframe, these situations will not occur in a few hours, it will take days until the resolution of the direction. That's why if you do your homework, you can get ready to react in the best way once the price reaches these zones where we will tend to observe some reactions and the beginning of a new movement.
My current plan is this:
IF the price reaches the support zone at 1680, I want to start thinking in bullish setups towards 1900 or bearish setups towards 1450
IF the price reaches the resistance zone at 1900, I want to start thinking in bullish setups towards 2070 or bearish setups towards 1680
I hope this post is helpful to better understand the difference between good and bad zones to develop setups. Remember becoming patient can be a POWERFULL edge on the market. Most of the people are not. Thanks for reading and feel free to share your view in the comments!
XAUUSD UpdateThe narrative on gold and silver is provided within the Weekly Update following status in my profile.
Gold: Weekly Forecast 6th February 2022Gold gained a little last week as it recovered strongly from a drop from the supply level at 1815.
The market continued to find support at a rising trendline and is most likely to climb further before another short-term sell off.
This week, we will look for buying opportunities, expecting the price to reach 1829 supply level.
Three Falling Peaks On The Gold Miners ETFThe Gold Miners don't look like they are setting up to have a very good time as they have made Three Consecutive Lower Highs and have penetrated the line of support it's been holding. Just from looking at this pattern and how we are trading in between the 55 and 200 week Moving Averages and Preparing a Weekly Death Cross it would seem that it is setting up for a +40% Decline in the near future so long as it continues to make Lower Highs.
Gold Update I continue to hold a bearish bias towards gold despite yesterdays recovery and a powerful bounce. Again it is too speculative to label the count. I do not dismiss the idea that whatever is happening now could be a leading diagonal. It is interesting to see how it corresponds to the crypto market. I will cover it in my Weekly Update.
Gold Price: 1D Chart ReviewHello friends, today you can review the technical analysis idea on a 1D linear scale chart for the Gold price per ounce (GOLD).
The chart is self-explanatory. Keep a close eye on the RSI as a possible re-test of the Support and Resistance Line is coming soon.
Included in the chart: Trend line, Support and Resistance Line, RSI, Support Zone, Descending Parallel Channel, Ascending Broadening Wedge, Descending Broadening Wedge.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
I have a bunch of additional recent charts below on cryptocurrencies, stocks, and other assets to review. Check them out!
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
COPPER LOOKS BEARISH ON INTRA-DAY - Elliott waveWe are tracking a big impulse to the downside, from the 4.58 lvl. on COPPER. Red waves 1 and 2 are completed, so current price action from 26th of January can be a big wave 3 in the making, with its five-wave substructure, and can target the Fib. ratio of 1.618, where support can be seen.
Intra-day price activity suggests a minor correction in action (iv), which can look for resistance at the fib. ratio of 0.382/0.5, from where a final leg lower for a sub-wave iii of 3 may show up.
Technical analysis update: Gold (31st January 2022)Gold took a beating after the last FOMC. It plunged below three important support levels: 1850 USD, 1835 USD and 1800 USD; additionally, this drop invalidated the recent bullish breakout above 1835 USD. The FED's commitment to raise interest rates multiple times in 2022 poses a substantial threat to gold price. The FED's aggressive stance towards raising interest rates forces us to reassess our views. We are currently inclined towards a bearish scenario as it is being signaled by bearish technical indicators and fundamental outlook for gold. We will closely watch 1775 USD and 1750 USD price levels. Previously, the 1750 USD support level acted as the lower bound of the neutral zone. If this price level is penetrated to the downside then it tremendously increases bearish odds for gold.
Illustration 1.01
Picture above shows the daily chart of XAUUSD. It also shows the neutral zone that spans between 1750 USD and 1835 USD. Gold has been trading within this zone for most of the time for the past 6 months.
Technical analysis - daily time frame
RSI is bearish with signs of flattening. MACD points into the downside, however, it remains within the bullish zone. If it manages to cross below 0 then it will further bolster the bearish case for gold. Stochastic is bearish as well. Additionally, DM+ and DM- show a bearish trend is present. ADX increases which suggests that this trend strengthens.
Technical analysis - weekly time frame
RSI is neutral. MACD undergoes reversal just slightly above 0 points. Stochastic is bearish. DM+ and DM- are bearish too. ADX declines which signals a trend of higher degree remains neutral.
Support and resistance
Short-term resistance lies at 1835 USD. Immediate resistance lies at 1800 USD. Closest support sits at 1775 USD. Other support which has great importance lies at 1750 USD.
Please feel free to express your own ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
Gold UpdateDespite a very impulsive move, gold waves are difficult to count. I even assumed on this chart that the whole move could be wxy in wave 1 of a leading diagonal. There is no divergence on RSI meaning that there should be new lows very soon. At the same time gold can easily rip shorts in a very sharp countertrend move. Gold is notorious for doing wild unexpected swings that only later come together as jigsaw pieces of standard patterns.
I will refrain from labelling the smaller waves so far to let the count reveal itself.
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.
