Gold

Folks,

Just a quick technical picture (uber-busy this week, but will try to put something up on Monday):


DAILY price-action:




WEEKLY price-action:



Is that an inverted hammer forming on the weekly (technically speaking we are in a down-trend so this enforces the case)?

As ever, comments welcome.

Be safe folks.

Long @ 1256
SL below 1236

Good folks,

An update (due to the reversal) on Gold...




Have decided to include the US 10 Year Note - as it is interesting too...




Good luck and be safe!

p.s. CC iii POG Board

Folks,
Here are Daily / Weekly / Monthly charts which show us the gold price-action...


MONTHLY:



WEEKLY:



DAILY:



On the monthly, the trend-line is holding, and maybe, just maybe, if the RSI plays out in conjunction with the price-action, it might be a good opportunity to load up.

On the weekly, whilst the trend-line is there also, the RSI (which isn't showing) isn't so bullish, and the MACD isn't confidence inspiring either. Sitting on the fence.

The daily picture is still a bit bearish in my view (and I'm gold biased!). The whilst the DX(neg) has calmed down a bit, the DX(pos) isn't interested in taking over; worst still, the ADX remains elevated, and this represents bearish sentiment because DX- remains more powerful than DX+.

Anyway, will leave you good folk to make up your own minds...

Good luck!

Hi Remo,

You clearly have fans at Credit Suisse!



Gold stays bearish and we look for a break below 1251 to retarget the year’s low at 1180. Beneath here is needed to retest our long held bear target at 1157/54.

Above 1415/34 is needed to set a base.

p.s. Disclosure, I'm a holder of physical and cfds so am "biased" but will try to trade the moves too as a hedge. So risky though!

Libero wrote: What do you reckon Remo, re-testing the 1180 intra-day low of the year?

or beyond?

Hi libero
yep....Possible double bottom there so will be going long on first attempt of 1180.