Here is stock chart weekly analysis since my last technical gold analysis in early March
Looks like support is now becoming resistance. Lets see how the market shapes up.
Market club's monthly is still a buy:
Weekly is at sell since 88.
Looks like gold is starting is new bull. If it clears its previous highs of around $100 we will have a new target.
8 comments:
On your first chart you got it right. There was a breakdown below the support channel and now we saw a retest of that channel.
The next move is most likely to a lower level, unless it breaks above the lower channel line.
I will be waiting for either a confirmation to the downside - short @ 89, or if it breaks above the lower channel line wait for retest of that channel line and buy then...
Good analysis on your end!
Thanks Anar. The recent upside has prompted some upside potential. Are you trying to go short at the current levels?
Good T.A.! Multiple things could play out with gold. With the large push during the FOMC meeting, I think that a lot of people will look towards getting into gold and solid commodities in order to hold something with value. I like GLD on a minor pullback, but if the market begins to fall into a death spiral again, I think GLD may be a ticker that would be a solid buy. I got the volume accumulation I was looking for for weeks now, and I'm glad I saw this because it was the first near-term confirmation that people are still fearing the financial sector.
I'll have my GLD post up in an hour or so!
ZM
Im not shorting gold no. I actually bought some SLV calls. Silver seems to move in bigger gains...
But after reading about this 1.15 trillion we are going to print and how Russia and China are considering getting the world off of the USD as the backing currency... I am fearful for the collapse of the dollar is imminent and thus gold, silver, oil...commodities will thrive
Hey Inq, I'm afraid that you lost me on this post mostly because I'm just not a number person/like technical analysis. I do have investments in stocks and I know what each stock is worth and I do watch to see if they go up or down. I've been interested in Gold also but am not sure what the price of gold is or what the price should be or shouldn't be.Can you give some info. for those of us who are not into the "technical analysis? thanks JJ
Hi Anar,
Not sure about that. We need to see if the rise in Gold and Silver in the last few months took inflation into account or not.
Hi JJ,
I will try to write something in simpler terms next time. Right now the price of GLD is a mystery. One could trade it for a few days for a movement between a triangle zone as they call it. The values have been going between 89 to 94 for the GLD.
Thanks
Great post, Thank you for such a great information...
I liked reading this post. I included this post in my weekly links for good reads.
Best Regards,
DT
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