DiscoverGold
4 horas hace
Gold Hits Record High, Eyes $3,004 on Strong Momentum
By: Bruce Powers | March 13, 2025
• Gold surged to a record $2,985, signaling strong bullish momentum. A close above $2,982 could drive prices higher, with $3,004 as the next target.
Bullish momentum in gold accelerated on Thursday as it broke out to a new record high of $2,985 before stalling. Trading continues near the highs of the day at the time of this writing and gold could go higher before the end of today’s trading session. An initial new high target zone from $2,978 to $2,982 was reached and exceeded slightly, a sign of strength.
A strong daily close in the upper third of the day’s trading range will keep gold in a position to continue higher. The start of the initial target zone at $2,978 was derived from a rising ABCD pattern, while the 127.2% extended target for the pattern is higher at $3,004. Nevertheless, there is an interim target at the 127.2% Fibonacci extension of the most recent bearish correction begun from the February peak.
Multiple Bullish Indications
Keep in mind that targets are all potential prices if certain things happen. For gold, a daily close above the $2,982 level shows strength that could lead to further upside in the near term. Today’s bull breakout was decisive and showed strong upward momentum. Moreover, a bull breakout of an inside week triggered this week, as well as a bullish monthly signal.
The last advance following a bull breakout of monthly consolidation in March of last year, was followed by a seven month advance until the recent $2,790 high. Although that might not happen this time, it shows the potential for higher prices. Also, bullish indications show the potential for a new phase to the uptrend. This means that pullback lower could lead to new entry setups to take advantage of the continuation of the rising long-term trend.
If Pullback, Could Test $2,956 Support
The reclaim of the 20-Day MA yesterday and successful test of support of the line with the low of the day, prepared the launch. A new high breakout just began and a new rally above the 20-Day line. Further, during the recent bearish correction the 20-Day went flat over the past week or so, but it did not turn down. It is now starting to turn up again. If a decline comes before new highs, key potential support levels, marked by the confluence of price levels on the chart, are around $2,956, $2,945, and a range from $2,936 to $2,930.
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trunkmonk
18 horas hace
well thats a good analysis. and there are many more that tell me that gold should be 33k, right now. I remember Fed Greenspan saying that after every decision he made, he would watch the price of gold to see if he made the right decision. I also think the fed, treasury, and others in power like power. They have forever since been having their own army of traders manipulating the price of gold and silver behind the hallowed halls at the fed. Its how they can make any decision they wanted in the past and the world would have to bare that burden. example would be buy our debt and trade well or even get freely printed money. thats why there is so much synthetic gold behind every oz of real gold and same for sliver. But I think its also true that they are the only dancers left in the room. Less and less of the world wants to carry the debt burden for US, so they sell to themselves, repos, etc. they are screwed and everything they do will have negative consequences later, lucking out every time they do anything that turns out looking like they did something positive. thats why the Mar a largo, or second Bretten woods has to happen soon, Reset or Ruin, thats how I see it ending. either way, gold should be at 33k
DiscoverGold
1 día hace
Gold Breaks Above $2,930, Eyes New Record Highs
By: Bruce Powers | March 12, 2025
• Gold’s rally positions it for a record high attempt, with $2,990 in sight, yet bearish divergence in RSI suggests caution as underlying momentum slows.
Gold retained its upward momentum on Wednesday and triggered a breakout above a lower swing high at $2,930. The advance also broke out above the 78.6% retracement level, also at $2,930, where gold had been stalled for about six days. Moreover, the 20-Day MA at $2,913 was reclaimed and tested as support with the day’s low of $2,906. This shows the progression of a strengthening trend.
The high for the day is $2,940, at the time of this writing and a daily close above that high will confirm the strength of the breakout. Currently, trading continues above that price level and in the upper third of the day’s trading range. This puts gold in a position to possibly close at the second or third highest daily closing price ever.
Potential Challenge to Record High of $2,956
The recent bearish retracement to a swing low of $2,833 and subsequent rally puts gold in a strong position to potentially break out to a new record high. A new record high of $2,956 was established in late February, putting it in sight of the current advance.
The first new high target at $2,978 is established by a rising ABCD pattern that looks for price symmetry between the two recent upswings. It can be considered along with another target close by at $2,982. The next higher target above that price zone is at the 127.2% Fibonacci extension of the recent bearish correction at $2,990.
Weekly Breakout Confirms Strength
It is also significant that today’s bull breakout triggered a weekly breakout above last week’s high, which took the form of an inside week. A daily close this week above last week’s high of $2,930 will confirm the breakout on the weekly time frame.
Bearish RSI Divergence a Concern
Despite the bullish indications noted above, there is a concern about a bearish divergence in the relative strength index (RSI). It shows diminishing bullish momentum. In addition, last month ended with a potentially bearish shooting star candlestick pattern. So far, trading in March has been contained inside the $2,772 to $2,956 price range from February. As gold approaches the peak of last month’s price range it is at risk of losing momentum before a new record high. Selling pressure indicated by the monthly shooting star candle pattern shows the potential for increased selling pressure as the $2,956 record high is approached.
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DiscoverGold
2 días hace
Gold Nears Key Resistance, but Direction Remains Uncertain
By: Bruce Powers | March 11, 2025
• Gold remains firm above $2,912, signaling short-term strength, but a decisive breakout above $2,930 is needed to confirm a continuation higher.
Despite the potential for gold to head into a deeper bearish pullback it continued hold onto recent gains on Tuesday and broke out above Monday’s high. Trading continues near the highs of the day at $2,922, at the time of this writing and gold looks likely to close near the highs of the day. Furthermore, Monday’s high was at $2,918, and Tuesday’s closing price may occur above that price level thereby confirming a potential one-day bullish reversal.
It would follow a successful test of support at the 50% retracement from last week’s high. Moreover, the 20-Day MA is at $2,912 and gold looks likely to end the day back above it. These are short-term signs of strengthening that could lead to higher prices if gold continues to show signs of strengthening.
Six Day Narrow Price Range
Gold has been moving relatively sideways for the past six days, following a test of resistance around the 78.6% retracement level at $2,930 last week. Last week’s high was $2,930 and it established a lower swing high relative to the recent new record high of $2,956 reached two weeks ago. This means that a bullish breakout above $2,930 could see a spike in demand as the record high would be next in line to be challenged.
Higher targets for gold include the completion of a rising ABCD pattern at $2,974. But the pattern needs to see a rise above last week’s high before it becomes valid. A little higher is a long-term target. The 300% extension of a retracement measuring the March 2022 bearish correction points to potential resistance around $2,982.
Gold Could Go Either Way
Key near-term support is at $2,880 as a drop below that price level before a rise above last week’s high, shows a likely continuation of the bearish correction that followed the recent record high. Gold closed the week with a bearish reversal weekly pattern, ending in the lower third of the trading range. It showed the potential for a deeper bearish pullback than that what has been seen so far. The 50-Day MA is the next lower more significant support zone if Monday’s low is busted to the downside.
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surfer44
2 días hace
Trump is buying a Tesla. A look at the harsh things he's had to say about EVs over the years
WILL WEISSERT
Tue, March 11, 2025 at 10:42 AM PDT 4 min read
WASHINGTON (AP) — President Donald Trump, who's buying a Tesla to show loyalty to company CEO Elon Musk, has had plenty to say about electric vehicles over the years. Most of it is not good.
Of course, Trump was once a sharp critic of Musk, too, which is especially notable given how tight the pair are now.
A look at some of Trump's comments on EVs — and Musk:
Trump includes electric cars in a sour Christmas message
Trump marked Christmas 2023 with a social media post lumping “All Electric Car Lunacy” in with a number of political enemies that he said “are looking to destroy our once great USA. MAY THEY ROT IN HELL.”
A few weeks earlier, during a rally in Ankeny, Iowa, Trump said of EVs: “They don’t go far. They cost a fortune.” He also suggested that the U.S. military was looking at making “Army tanks all electric” and scoffing, “you’re in the middle of the desert and you say, ‘You know what, we’re running low on electric. Do they have a charger around anywhere?’”
In November 2023, at a Claremont, New Hampshire, rally, Trump similarly picked up on distance being an electric vehicle issue: “You can’t get out of New Hampshire in an electric car.”
“Where are you going? ‘I’m going to Massachusetts.’ Well, you better get yourself a gas turbine because this car is not going to get you there," he said. “Well, you could, if you stop about four times.”
That followed his joke during an event in Clive, Iowa, the previous month: "Electric cars are good if you have a towing company."
Trump bashes Biden's electric car ‘Hoax’
Electric vehicles were an especially attractive Trump target during the six-week United Auto Workers strike in September 2023. That's when he told a rally in Clinton Township, Michigan, “You go all electric so you can drive for 15 minutes before you have to get a charge.”
Trump, a Republican, also posted on his social media site that then-President Joe Biden, a Democrat, sold autoworkers "down the river with his ridiculous all Electric Car Hoax." He suggested that promoting electric vehicles “was the idea of the Radical Left Fascists, Marxists, & Communists" and that "Within 3 years, all of these cars will be made in China.”
Trump has also praised EVs at times
As on many top issues, Trump has been inconsistent on electric vehicles. During his first term, in September 2020, Trump cheered an all-electric Lordstown Motors Endurance truck at an event outside the White House, calling it an “incredible vehicle.”
After Musk endorsed the former president's bid to return to the White House, Trump began suggesting that electric vehicles could work for some buyers.
“I’m for electric cars. I have to be because Elon endorsed me very strongly," Trump said during an August rally in Atlanta.
In a subsequent conversation on X, the social media platform Musk also owns, Trump called Tesla a “great product” while noting, “That doesn’t mean everybody should have an electric car.”
During his inaugural address, Trump promised, “We will revoke the electric vehicle mandate, saving our auto industry," but he also said that Americans will "be able to buy the car of your choice.” While there was no Biden mandate to force the purchase of EVs, his policies were aimed at encouraging Americans to buy them and car companies to shift from gas-powered vehicles to electric cars.
Trump has previously pilloried Musk, too
Just like he had a change of heart about EVs, Trump has changed his tune about Musk, who's now one of his advisers. When the pair got into an online feud in 2022, Trump ridiculed Musk for seeking support during his first term.
“When Elon Musk came to the White House asking me for help on all of his many subsidized projects, whether it’s electric cars that don’t drive long enough, driverless cars that crash, or rocketships to nowhere, without which subsidies he’d be worthless, and telling me how he was a big Trump fan and Republican, I could have said, ‘drop to your knees and beg,’ and he would have done it,” Trump wrote then.
surfer44
2 días hace
So is Satoshi going to be the first trillionaire?
From Wikipedia, the free encyclopedia
Satoshi Nakamoto
A statue in Budapest dedicated to Satoshi Nakamoto
Known for Inventing bitcoin, implementing the first blockchain
Scientific career
Fields Digital currencies, computer science, cryptography
Satoshi Nakamoto is the name used by the presumed pseudonymous[1][2][3][4] person or persons who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin's original reference implementation.[5] As part of the implementation, Nakamoto also devised the first blockchain database.[6] Nakamoto was active in the development of bitcoin until December 2010.[7]
There has been widespread speculation about Nakamoto's true identity, with various people posited as the person or persons behind the name. Though Nakamoto's name is Japanese, and inscribed as a man living in Japan,[8] most of the speculation has involved software and cryptography experts in the United States or Europe.
trunkmonk
2 días hace
what even more alarming to the financial structure of the world, the BTC pundits think BTC is the next reserve currency, next gold, in reallity its the next world depression if dummies rely on a coin that has no intrinsic value, is controlled by a very few, and can collapse in a heart beat if just one person decides to unload their coins. and will eventually end up in fewer and fewer hands like the Hunt Brothers. Mikey Saylor says he will buy it all up if he could, which means he would be the one who controls it all. what a dumb idea. they really have no clue what real money is, they play with 1s and 0s as if its a good thing, EMP would and could wipe out countries whole supply of coins, cold wallets wont survive either. there is no ledger like in banks that retain what you had. imagine forgetting your family fortune in an instant at the onset of dementia, everything on a USB drive not accessible. what a messed up generation there is. sure they have their place, if its a working utility doing something, even better backed by gold
NYBob
4 días hace
BREAKING EXCLUSIVE Gold Is Leaving The International System | The Alex Jones Full Show Today
The Alex Jones Show
155K subscribers
https://www.youtube.com/watch?v=R8v1ARvXbxQ
BREAKING - Des-perate To Stop The Trump Agenda | The Alex Jones Full Show Today
The Alex Jones Show
124K subscribers
https://www.youtube.com/watch?v=ZGK9ir8PtuY
Saturday Emergency Broadcast: Trump Fires Chairman Of The Joint Chiefs Of Staff & Other Top Brass
https://rumble.com/v6qcuao-saturday-emergency-broadcast-trump-fires-chairman-of-the-joint-chiefs-of-st.html?e9s=src_v1_ucp
National Citizens Inquiry with Dr. David Martin | March 6th 2025 | Edmonton, Alberta
National Citizens Inquiry Canada | NCI Clips
National Citizens Inquiry with Dr. David Martin | March 6th 2025 | Edmonton, Alberta
National Citizens Inquiry Canada | NCI Clips
CANADA SHOULD GO WITH PEACE TRUMP - ♥️
TO NOT BURN IN INSANE WAR LIKE EURO!!!
FULL Wednesday NIGHT SHOW EU NATO Leaders Have Officially | The Alex Jones Full Show Today
https://www.youtube.com/watch?v=DywCBgjKb4U&t=79s
Insane war between EURO and RUSSIA - 💀 ☠️
GOLD SHOULD FLY MUCH HIGHER AND USA & CANADA SHOULD NOT BE
INVOLVED IN WAR3!! TRUMP WANT PEACE ❤️ 😇
RUN Before It's Too Late: TURKEY Offered Zelensky Asylum
https://www.bitchute.com/video/lMA0D41DHXct
Macron DECLARES WW3 on Russia, Europe Rearms in Panic Over Trump
https://www.bitchute.com/video/UKUrgYoG5yV4
SCOTT RITTER: EU LEADERS AND ZELENSKY AGAINST THE WORLD
https://www.bitchute.com/video/rMvnGbtzwhqh
President Trump Delivers Remarks at the White House Digital Assets Summit
https://rumble.com/v6qbe16-president-trump-delivers-remarks-at-the-white-house-digital-assets-summit.html?e9s=src_v1_ucp
The Numbers Don't Lie | S06-E47
The Tom Laipply Podcast
https://rumble.com/v6qb11m-the-numbers-dont-lie-s06-e47.html?e9s=src_v1_news
Benjamin Fulford Urgent Emergency 3.7.25 - They Were All Executed at GITMO!
https://rumble.com/v6qa0ls-benjamin-fulford-urgent-emergency-3.7.25-they-were-all-executed-at-gitmo.html?e9s=src_v1_ucp
SHOCK! The Horrifying Border Numbers Trump's Team Just Discovered That Biden Tried To Hide
https://rumble.com/v6qa9fa-shock-the-horrifying-border-numbers-trumps-team-just-discovered-that-biden-.html?e9s=src_v1_ucp
Emergency mRNA Warning: "6 Billion People Now Have VAIDS"
https://rumble.com/v6q7rqo-emergency-mrna-warning-6-billion-people-now-have-vaids.html?e9s=src_v1_ucp
Ukraine SPARKS World War 3? | The Church's role in politics
LifeSiteNews
29.8K followers
https://rumble.com/v6q6viq-ukraine-sparks-world-war-3-the-churchs-role-in-politics.html
Brien Lundin: Gold's Ultimate Move Still to Come, Get Positioned Now
Investing News
47.4K subscribers
https://www.youtube.com/watch?v=lW7Bl0p6EdA
Charlie Ward SHOCKING 3.5.25 - The Major Shock That's Coming > This is UNBELIEVABLE
https://rumble.com/v6q69oa-charlie-ward-shocking-3.5.25-the-major-shock-thats-coming-this-is-unbelieva.html?e9s=src_v1_ucp
Dome Mines Limited a Canadian mining company that existed from 1910 to 1987.
Is CEO Tony Makuch) to Restart Dome by purchase of Newmont Porcupine,
which includes the Dome Mine and some adjacent properties.
Dome Mine has been the largest gold producer in Canada and in North America.
Pelangio Exploration Inc's - Dome West property on the border to Dome Mine -
Discovery Silver (ceo Tony Makuch) is finalizing its purchase of Newmont Porcupine,
which includes the Dome Mine and some adjacent properties.
There is talk of rebooting Goldcorp's proposed Century Project, which involves
expanding the Dome open pit to mine beneath the Dome Mill, or underground mining -.
The most plausible location for a new mill would be Dome West property,
which is a .5 square km parcel 800 m from the Dome mill, and .5 km from
the Paymaster mine, which Discovery Silver will own 35%.
Pelangio owns Dome West. Tony Makuch is an advisor to the board of Pelangio.
Believe in coincidence?
$10,000 Gold Still On The Horizon Despite Volatility
March 01, 2025
$10,000 gold is still on the horizon despite volatility.
https://kingworldnews.com/10000-gold-still-on-the-horizon-despite-volatility/
Pelangio Exploration Inc. - Exhibitor Booth No 2237 -
https://pelangio.com/
Booth No.2237
Exhibitor Type: Investors Exchange
Booth No. 2237
https://pdac.ca/convention-2025/exhibits-2025/exhibitor-directory-2025/pelangio-exploration-inc-2025
PELANGIO EXPLORATION INC.- OBUASI MINE - ANGLO - IS ONE OF THE
RICHEST GOLD MINES IN THE WORLD -
IMO!
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=175015670
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174399334
Still for pennies bargain?....
https://pelangio.com/projects/ghana/obuasi/
Trump LIVE: Trump on Missing Gold Reserves At Fort Knox; Elon Musk's DOGE to Inspect | CPAC
MIRROR NOW
1.45M subscribers
https://www.youtube.com/watch?v=wrXONpUOQVY
🚨 Trump Orders FBI to Investigate Bill Gates for 'Blitzing America With Toxic Chemtrails'
You’ve seen them - those eerie, geometric streaks crisscrossing the sky, unnaturally precise, a phenomenon dismissed by the mainstream media in their relentless gaslighting of humanity.… pic.twitter.com/JcUeEzA19N— TPV Sean (@tpvsean) February 26, 2025
Paul Craig Roberts – WHOSE GOLD, IF ANYONE’S, IS IN FT. KNOX
https://kingworldnews.com/paul-craig-roberts-whose-gold-if-anyones-is-in-ft-knox/
DiscoverGold
5 días hace
Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | March 8, 2025
• Following futures positions of non-commercials are as of March 4, 2025.
Gold: Currently net long 243.3k, down 18.4k.
Last week, after rallying for eight weeks in a row – since it ticked $2,608 on December 30th – gold dropped 3.6 percent. This week, the uptrend continued, as the metal added 2.3 percent to $2,914/ounce, which is well under the all-time high of $2,974 from the 24th last month. Sellers showed up at the highs as gold bugs struggled at $2,960s-70s for several sessions.
For now, gold could go either way – toward its record high or toward $2,800, which it broke out of on January 30th.
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DiscoverGold
5 días hace
NY Gold Futures »» Weekly Summary Analysis
By: Marty Armstrong | March 8, 2025
NY Gold Futures closed today at 29141 and is trading up about 10% for the year from last year's settlement of 26410. Caution is required for this market is starting to suggest it may now decline on the MONTHLY level. As of now, this market has been rising for 2 months going into March reflecting that this has been only still, a bullish reactionary trend.
ECONOMIC CONFIDENCE MODEL CORRELATION
Here in NY Gold Futures, we do find that this particular market has correlated with our Economic Confidence Model in the past. The Last turning point on the ECM cycle low to line up with this market was 2022 and 2015. The Last turning point on the ECM cycle high to line up with this market was 2024 and 2020 and 2011 and 1996.
MARKET OVERVIEW
NEAR-TERM OUTLOOK
The NY Gold Futures has continued to make new historical highs over the course of the rally from 2015 moving into 2025. However, this last portion of the rally has taken place over 10 years from the last important low formed during 2015. We have elected four Bullish Reversals to date.
This market remains in a positive position on the weekly to yearly levels of our indicating models. Pay attention to the Monthly level for any serious change in long-term trend ahead.
From a perspective using the indicating ranges on the Daily level in the NY Gold Futures, this market remains moderately bullish currently with underlying support beginning at 28961 and overhead resistance forming above at 29398. The market is trading closer to the support level at this time.
On the weekly level, the last important high was established the week of February 24th at 29740, which was up 15 weeks from the low made back during the week of November 11th. Afterwards, the market bounced for 15 weeks reaching a high during the week of February 24th at 29740. Since that high, we have been generally trading down to sideways for the past week, which has been a sharp move of 3.621% in a reactionary type decline. Nonetheless, the market still has not penetrated that previous low of 25415 as it has fallen back reaching only 28663 which still remains 12.77% above the former low.
When we look deeply into the underlying tone of this immediate market, we see it is currently still in a semi neutral posture despite declining from the previous high at 29740 made 1 week ago. Still, this market is within our trading envelope which spans between 23793 and 31883. The broader perspective, this current rally into the week of February 24th has exceeded the previous high of 27613 made back during the week of December 9th. This immediate decline has thus far held the previous low formed at 25415 made the week of November 11th. Only a break of that low would signal a technical reversal of fortune and of course we must watch the Bearish Reversals. Right now, the market is neutral on our weekly Momentum Models warning we have overhead resistance forming and support in the general vacinity of 28799. Additional support is to be found at 27320. Looking at this from a wider perspective, this market has been trading up for the past 5 weeks overall.
INTERMEDIATE-TERM OUTLOOK
YEARLY MOMENTUM MODEL INDICATOR
Our Momentum Models are rising at this time with the previous low made 2023 while the last high formed on 2024. However, this market has rallied in price with the last cyclical high formed on 2024 warning that this market remains strong at this time on a correlation perspective as it has moved higher with the Momentum Model.
Interestingly, the NY Gold Futures has been in a bullish phase for the past 16 months since the low established back in October 2023.
Critical support still underlies this market at 25400 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Immediately, the market is trading within last month's trading range in a neutral position.
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trunkmonk
5 días hace
Here is my best reference for investing and life, the enemy or the hate filled are everywhere.
1Blessed be the Lord my Rock,
Who trains my hands for war,
And my fingers for battle—
2My lovingkindness and my fortress,
My high tower and my deliverer,
My shield and the One in whom I take refuge,
Who subdues my people under me.
3Lord, what is man, that You take knowledge of him?
Or the son of man, that You are mindful of him?
4Man is like a breath;
His days are like a passing shadow.
5Bow down Your heavens, O Lord, and come down;
Touch the mountains, and they shall smoke.
6Flash forth lightning and scatter them;
Shoot out Your arrows and destroy them.
7Stretch out Your hand from above;
Rescue me and deliver me out of great waters,
From the hand of foreigners,
8Whose mouth speaks lying words,
And whose right hand is a right hand of falsehood.
9I will sing a new song to You, O God;
On a harp of ten strings I will sing praises to You,
10The One who gives salvation to kings,
Who delivers David His servant
From the deadly sword.
11Rescue me and deliver me from the hand of foreigners,
Whose mouth speaks lying words,
And whose right hand is a right hand of falsehood—
12That our sons may be as plants grown up in their youth;
That our daughters may be as pillars,
Sculptured in palace style;
13That our barns may be full,
Supplying all kinds of produce;
That our sheep may bring forth thousands
And ten thousands in our fields;
14That our oxen may be well laden;
That there be no breaking in or going out;
That there be no outcry in our streets.
15Happy are the people who are in such a state;
Happy are the people whose God is the Lord!
DiscoverGold
6 días hace
Gold Stalled at Resistance – Bearish Continuation Ahead?
By: Bruce Powers | March 7, 2025
• Gold tested $2,930 resistance but failed to break higher, increasing the risk of a bearish continuation toward key support at $2,833 and then $2,810.
Gold continued to show strength on Friday as it further consolidated and tested resistance around 78.6% retracement area at $2,930. There is a tight four-day consolidation range starting from Tuesday’s low of $2,882 and rising to today’s high of $2,930. Following another test of resistance at the 78.6% retracement, gold is on track to end Friday’s session in a relatively weak position, in the lower half of the day’s trading range and below the 20-Day MA, now at $2,911.
Today may be the first daily close below the 20-Day line since it was reclaimed four days ago. And it will follow a failed attempt to break out to a new high for the trend earlier in the session. Failed breakouts can lead to sharp moves in the opposite direction.
Another Leg Down Anticipated
Another leg down in gold has been anticipated given last week’s bearish reversal following a new record high of $2,956. The week ended with a weekly bearish engulfing pattern as gold fell below support of the prior two weeks and it ended the week in a bearish position, in the lower third of the week’s trading range. Furthermore, a breakdown of a rising trendline and 20-Day MA triggered, thereby further confirming weakness. There has been only one leg down from the $2,956 record high today and a minimum of two legs down is common for a bearish retracement.
Successful Test of Resistance
This week’s advance tested prior support of the trendline as resistance, and resistance was seen around the line. The 20-Day line is the other trend indicator that was tested as resistance, but it failed as resistance because gold rose above the 20-Day MA and traded above it for four days. Nonetheless, taken together, gold may have completed its counter trend rally to test prior support as resistance. Once that happens, the chance for a bearish continuation improves.
Inside Week Provides Key Price Levels
An inside week is established for this week, leaving two key price levels to be considered. The low for the week was $2,855 and the high is $2,930. A decisive move through either price level may determine the next direction. Although the technical evidence is more on the bearish side, a sustained rally above this week’s high would require a realignment of views and would open the possibility of a bullish continuation of the trend in the near term. On the downside, the next lower target for gold if the recent swing low at $2,833 fails to retain support, is a range around $2,813 to $2,810, consisting of the 38.2% Fibonacci retracement and the initial target for a falling ABCD pattern, respectively.
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fink
3 horas hace
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