Gold

Howdy Folks,

Here's a technical update for gold....


HOURLY:



DAILY:



WEEKLY:



MONTHLY:




Initial views:

* On the Hourly & Daily - Expect a bit of selling (I don't anticipate any heavy selling just yet), as we approach the top end of the Bollinger Band, and the RSI looks a bit heavy. Would be bullish if the down-trend line (in blue on the daily) is taken out @ ~ $1,280 (for now).

* On the weekly and Monthly - Note that the long term support lines have turned into resistance lines.

* If the long term resistance level is breached with conviction, then the first target - beyond $1,280 or so - would be $1,355 ish (based on 23.6% and the busy activity around this price).

Disclaimer: Just my view folks - and not trading advice!

Good luck folks!

CC: POG iii Board.

Possible 123 low breakout on the daily chart of gold...
stops below the 2 point


dl.dropboxusercontent.com/u/4899609/GOLD13THJAN2014.png

Hi all,

Does anyone know where i can trade the HUI Gold index? I'm struggling to find a provider.

Any help welcome.

Thanks in advance.

Hi Fabba,

If you have access to NSYE stocks or options Exchange, then you can trade the HUI Gold Index I think.

Not sure if it is on AMEX or NYSE, but IG Markets offer both options as extras (cheap fees to be fair).

Good luck man, and hopefully this is on its second up-trend, having seemingly bottoming out again. (see below):

Since bottoming in late 2000, HUI went on to be the top-performing US stock sector of the decade, rising by about 1600%

HUI Chart

My view on gold. There appear to be two options.
(i) The recent low at 1182.50 was a double bottom of an ABC decline from 1921.10 and a test, and break, of 1433.80 will validate this theory.
As the decline from 1796 to 1180.5 was almost a 161.80% extension of the rise to 1796, I think option (ii) is the more likely...

(ii) The decline from 1921.10 is a five way impulsive decline: wave 1 finishing at 1527.10; wave 2 at 1796.0; wave 3 at 1180.50; wave 4 at 1433.80; and wave 5 in progress, the options for which are demonstrated on the chart. The recent low at 1182.50 being completion of wave ((a)); wave ((b)) in progress with a target area of 1308.20 > 1337.6. We then have waves a,b, and c of ((c)) to complete wave 5. My favourite for this would be between 1020 and 990

I prefer this second view because there is stand-out divergence in wave 3 of 3; also, provided the RSI doesn't drop lower than 24.67, there is divergence between waves 3 and 5 to support the impulse.

First we need to complete wave ((b))..... or break out of 1433.80 to invalidate the impulse and validate the ABC....


dl.dropboxusercontent.com/u/7238706/Spot%20Gold%20%28-%29.png

Hi Libero,

Really appreciate you taking the time to help out. I will check them out now and let you all know how it goes.

ThanKS AGAIN