|
Post by huh on Jan 29, 2015 23:02:33 GMT -5
|
|
|
Post by jacksrbtr on Jan 30, 2015 18:19:07 GMT -5
~1266 is now major resistance for gold. Needs a close above that. 1251.50 now support. jacksrbtrSupport's rising, but unfortunately it's looking pretty bear flaggish. Sure is huh...and first stop is gold at 1200 I think (as an inverse relationship to the dollar/yen.)
|
|
|
Post by huh on Jan 31, 2015 10:28:52 GMT -5
jacksrbtrSupport's rising, but unfortunately it's looking pretty bear flaggish. [chart] Sure is huh...and first stop is gold at 1200 I think (as an inverse relationship to the dollar/yen.) Surprising strength in gold Friday & broke that potential bear flag. Next resistance is ~1287.70, and support is now the captured 61.8 FIB ~1281 as evidenced with yesterday's low. If it loses that support it was only a dead cat bounce (like SPX did last week). However, if it can break that upside resistance then it's back to the recent highs ~1307 & perhaps slightly higher. The slightly higher would likely be ~1320's/1330's - resistance line drawn across the Aug '13 and Mar '14 highs. That's the long term downtrend resistance, and until that's broken, still in a downtrend. Here's a look at the weekly chart showing the long term downtrend.
|
|
|
Post by novie08 on Jan 31, 2015 17:19:57 GMT -5
Ya got a monthly huh?
|
|
|
Post by huh on Feb 1, 2015 20:52:43 GMT -5
Yep, and it shows why breaking over the 1330's would be so bullish. That would break a descending triangle after a 61.8% retracement from the entire Aug '08 to all time high peak. I still have a target ~930/940's for spot gold, but would flip bullish on it with a confirmation above that descending triangle pattern. Silver's chart looks much worse hinting to more downside. So I'm still bearish on gold in the long term until it can prove otherwise.
|
|