The gold market is holding just above the support zone. I used today’s low for the upper side of the support zone, and that could change. I have marked 4 of 5 points for a broadening triangle. The pattern calls for a new high.
The current action has the RSI readings crisscrossing the neutral 50 level. […]
Yesterday, the gold market traded down through the support zone. Today, the market has traded back above the support zone. This is called a spring. Traders were able to sell the market down, flush out the weak holders and now the market should move higher. I have marked 4 of 5 points for a broadening […]
Since my last write up, gold has broken the demand line of the uptrend channel and the nearby support zone. Now, the market is testing the next support zone on the daily chart. The current action has taken the RSI reading to below 50. Markets in uptrends will often move into corrective phases that produce […]
After breaking the demand line of the uptrend channel yesterday, sellers were not able to attract a following and the gold market recovered, but still closed down on the day. However, the close was well off the lows.
Today, buyers came in and the market traded above the highs for the last fours days, but is […]
Today marks the fourth attempt by gold to better the highs made on Monday within the resistance zone formed in late February, and the failure to move up has brought out the sellers. Now, the market is testing the demand side of the uptrend channel. Yesterday I said, “Generally, if a market cannot move in […]
Today, gold is making a third attempt to better the upper line of the resistance zone formed in late February. Generally, if a market cannot move in one direction after three days, it will reverse. However, the RSI readings are peaking above 62. That indicates the trend is up.
The Aggregated TradeFlow chart is set to […]
Yesterday, buyers bid gold up and the price tagged the supply line of the uptrend channel. The price action is still testing the resistance zone formed in late February. Still, the RSI readings are peaking above 62. That indicates the trend is up.
The Aggregated TradeFlow chart is set to a 5-ticks range (available in CQG […]
On Friday, gold rallied and closed near the highs of the day. Now, the price action is testing the next resistance zone formed in late February. With Friday’s strong close, the RSI reading was greater than 62, which confirms the trend is up.
The Aggregated TradeFlow chart is set to 5-ticks range (available in CQG 7.5) […]
Yesterday, gold traded to the support side of the current five-day trading range and buyers came in. This morning, gold is testing the upper side of the resistance zone formed the last trading day of February. Again, watch to see if the market can close with an RSI reading greater than 62, which will confirm […]
For the third day in a row, gold is trading in the resistance zone formed the last trading day of February. Yesterday, the market closed with a slight gain. Again, watch to see if the market can close with an RSI reading greater than 62, then the trend is up. If the market closes down […]