Short-term traders exit long position on a RED Daily “Trade Triangle” @ $1,356.15 today and remain neutral for now. This short-term trade produced a loss of $5.83 an ounce.
Intermediate and long-term traders hold long positions.
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Seems like supply and demand will override the chart with china buying up commodities.
Also, remember that December is a strong month for gold using seasonal charts.
A H&S pattern, if it nears the neckline and does not fail, is a strongly positive signal.
Head and Shoulders pattern is not valid until the neckline has been broken. Which it has not done as of yet. To break the H&S neckline gold would have to break below the bollinger band, which does not happen often.
Anything's possible, but don't count your golden chickens before they've hatched.
I am not convinced about the H&S (but I have been wrong in the past HA). Still loooks to me like Gold is holding the rising trend pretty obvious on both the 3 and 6 month charts on INO.
Hello, I'm really surprised by the negative comments on here regarding the price of Gold. All of the tension in Korea is Bullish. The light volumn on Friday of course meant that Gold may drop a little. Sure the technicals may be berish, but the fundamentals aren't. Yes the dollar can rise, but so can Gold with the Dollar. Those waiting for Gold to go to 1300 in the very near future may have to wait and watch whilst Gold travels North.
Good job we all have different views!
ATB
Seems all things come to an end.Precious metals.seems I have Lost my iron mountain,bought out by a large corporation.Not a winner this time.But 3 of my juniors have paid off.One of them hansomely.I carry over 100 stocks at a time. There is always action.Just like the weather Some days are better than others. Cheers Doug.
short paper gold buy physical gold
Gold and silver are correcting and setting up for an excellent buying opportunity. I hope to see gold under 1300 and silver in the low 20's so that I can back up the truck and load up again. If foreign central banks keep on buying the dips I may not get my wish, but I am ready to pounce whent the opportunity arrives.
I laugh a you, technical people. You are like shamans with your shoulders and dick heads. Stupidos! I use coffee beans. Xa xa xa
Sergtat,
Thank you for your feedback.
It is what make a market.
When gold fell from a high of $850 in the early eighties and dropped to below $300 in 1998 no one was beating up technical traders. You could argue that gold is only up 50% in 30 years. It all depends how you look at things.
All the best,
Adam
USD index is doing a false breakout, a fakeout over 80. The reversion will come violent which will send gold higher, the recent pullback scared weak players to jump off the wagon, as instituition are scooping them up.
The problems in Europe are accelerating. There's already talk about Spain, which is too big to fail...but also too big to bail out.
I might sell my silver when the market tanks but I won't sell my gold until the bull market is heading for an end.
I'd much rather see a Silver Alert.
I agreed with your comment but you have to also consider europe, china nd korean position
Gold pullback to 1270 soon
one last note, lets see, triple account deficit still intact, unemployment still at record high, QE2 just started and last but not least mortgages are still tanking and banks are bankrupt.
So what is your point? Gold is going down in price because why? Because we have lost all our sense of reasoning and have gone numb in brain? Most likely!
I am hoping for the gold and silver to decline even more so I can buy more at deep discounted prices.
Buy and take delivery that is.
sorry right shoulder trailing down to neckline... oops
When is it ever a bad time to buy gold? Seriously! The short-term perspective is we may have a decline but for the mid-term and long-term perspective, gold, including silver, are a tremendous hedge against inflation.
11/26/2010 Thank you one and all bought my ship came in on: ZSL and DZZ today, thanks for your support. The rally is over for gold and silver. Tonto, was right, taking me out out Dodge, to close up the silver mine and lock the doors for the year. The dollar will drive down the metals, faster than a hot blade in butter. Well there are bulls, read the comment here. I will be taking your cash for sure Monday morning . So heres a "Thank you very much" , See ya @ K-Mart, in the record department, buyin the oldies. ELVIS
Oh yes Ross Theadore...one more point of information. On 11-29-2010 China is increasing the margin requirements on gold in order to mute speculation. This new margin requirement will definitely impact the continuous gold price very negatively coming into the opening markets here in the west...
Nice point Ross Theadore!
Your 26 SMA is a good indicator and it is currenly above the 50 EMA. Two lines of support or if the head and shoulders is to come to fruition these two EMA levels will become resistance.
With negative divergence on the Daily MACD and RSI, I'm keying off the MACD Signal Line (red). The Weekly MACD (black) and Stochastics are bearish. Adam has released the "beast", I love those indicators, they often preclude the Trade Triangle.
Don't get it. You flash an alert to go flat Gold but do not do the same for USO, telling me to go to the "Perfect R" portfolio to get the readings daily. My assumption that you would flash an alert on USO cost me a lot of money. Your inconsistency makes these alerts problematic...you should either do them ALL the time or NEVER.
Head & Shoulders formation on Gold. Left Shoulder tailing toward neckline...
A) first wave down from 1425 to 1325 was impulsive
B) second wave up from 1325 to 1380 was side way high. Not impulsive.
C) start of third wave down today seemed impulsive. I would say good trade to start a short trade with target in the range of $1280.
I watch the 26 week MACD. Pretty good long term indicator. Presently shows flat to declining. It is my LT exit signal.
Regards,
I understand this is just a short term trade post.
But from a longer term perspective, gold bumped up against it's long term trendline on November 18th. It has since traced out a possible head and shoulders top pattern. A break below the neckline around might lead to a significant correction. I think sentiment would support this possibility.
johnbmac,
Looking at the same thing. It is just too early to take a position as the trend is now sideways to up in gold.
All the best,
Adam