Category Archives: Gold

Will Gold Backtest An Important Trend Line? | 18th July, 2017

Gold, Public Analysis

This chart was last published on 9th of July showing a breach of an important trend line.

Gold Daily 2016
Click chart to enlarge.

Price is now bouncing up for another test. There is a little room still for a little more upwards movement, if price wants to come up to kiss the trend line.

Again, adding volume makes this simple trend line more powerful. The breach was supported by volume, but now the bounce is not. The volume profile is bearish, adding to confidence that price may now stay below the line.

This analysis is published @ 05:05 a.m. EST.

GOLD Elliott Wave Technical Analysis – 12th July, 2017

Gold

A new high above 1,222.72 invalidated the main hourly Elliott wave count and added confidence to the alternate hourly Elliott wave count. The alternate has some support from volume analysis, and its target remains the same today.

Continue reading GOLD Elliott Wave Technical Analysis – 12th July, 2017 →

Gold Breached Important Trend Line | 9th July, 2017

Gold, Public Analysis

On June 27th I published a daily chart of Gold with a simple trend line. In that post I posed the question: “How Gold behaves at this trend line in the next few days will be a strong indicator. Does the bull run continue or is it over?”

Gold Daily 2016
Click chart to enlarge.

The trend line was breached very clearly. The breach was followed by a typical correction up to resistance. Now price is moving down and away from the trend line.

Adding in simple volume gives this signal more depth. If a breach is supported by volume, then more weight may be given to its significance. The breach of July 3rd did come with increased volume, and volume increased further for the next downwards day of July 5th. After a small bounce to test resistance, further downwards movement for the 7th of July shows again strong support from volume.

Sometimes simple really is best.

This analysis is published @ 11:59 p.m. EST.