I have been a gold bull from October 2008. I note that gold has reached the 100% fib retracement of the last high and expect a breather before what is surely the inevitable push to $1300. That said, 1280 may produce some resistance along the way (the red line at top).
Gold fell sharply today but managed to bounce the 78.6% Fib as shown above. There is nothing to do but wait and I remain bullish above the $1223 area, which is where the lower trendline and the 61.8% fib line meet.
A day of indecision for gold but a close over the 78.6% fib says that there's still not much to worry about.
That was some move in gold. $1300 has to be a no brainer from here, although the resistance line is around 1280 on the chart above. We wait.
Gold is now at the top of the pattern (see above). We wait for the break-out of the pullback.
Gold has now broken the top of the resistance line shown above. That line now becomes support and I remain bullish above it. We are now on the 127.2% fib as shown in my original chart. If it breaks ahd holds then 1333 becomes the target.1300 could take a while to break!
Gold has now broken the top of the resistance line shown above. That line now becomes support and I remain bullish above it.
So after 4 posts which said "we wait," does this mean you buy now? Or if not, when?
SW10
SW10 - the analysis is there for you to make what you wish of it. The chart in my original post flagged an up-coming trade opportunity for those who were minded to take it and I have sinced talked through the price movements. I cannot say 'buy' or 'sell' as I am not licenced to do so.
The break of the red line in my chart was hugely bullish and the fact we have stayed above it makes me hopeful of my next target of 1333 (the 161.8% fib as shown above).
My upside target of 1333 was passed today and it's time to close this thread. Job done.
The strength of Gold is quite extraordinary. Having taken a position at 1180 a while ago and then regretting it, I am feeling rather pleased! Good old quantitative easing...
After a triple top just over $1400 there was bearish negative divergence in the MACD, a fall below 50 in the RSI and a cross down of the moving averages. Broadly speaking then, gold has remained in an uptrend but has been bearish for most of January.
It has been noted by some that gold has bounced the 144 moving average all the way up and there was some expectation that it might do so again. And it has. Now we see the MACD starting to turn up and the RSI is pushing back towards 50.
In my opinion gold is still in an uptrend down to 1300 and there is now quite some support at 1315 area. I am not inclined to go long but I have been buying back some of my gold stocks. It's possible that gold will just continue to trade between 1315 and 1425 area but should it get past that previous high then the channel suggests to me a target of 1600.
Hi there Susan
I thought you'd closed this thread.
I remain confident that the gold miners I own will move out of their present consolidation mode and return their upward path. Indeed it seems to me that they have started to do this over the last few days! Medusa, Orosur, Red Rock and Vatakoula have all moved up since Monday.
I second that P3.
All aboard the Silver and Gold train (and Copper) as we head off on a steady upward climb.
