Thursday, February 26, 2015

Gold and Silver ready for a bounce?

Gold is probably ready to bounce from current levels towards 1240-1255.Daily RSI is currently at around 40 providing a support level from which gold can bounce towards RSI 60.For the following days we believe that gold will move in a trading range between 1190-1255$

Same picture for Silver.Probably it will move between 15,75-17,75$

Wednesday, February 11, 2015

Gold turning bearish again?

Gold fell below 1235-1245 support zone(now resistance).Last hope for bulls the ascending trendline from November 2014 and the weekly RSI support zone of 40-45.

Tuesday, February 3, 2015

Gold towards 1300-1340

If Gold manages to stay above 1230-1240 then a possible 5th wave can end at 1300-1340$

Sunday, February 1, 2015

Further USD strengthening versus EM currencies?

A textbook Head and Shoulders pattern with volume confirmation in Emerging markets local debt fund (ELD) suggests significant further strength for USD versus EM currencies (especially NE Asian currencies) and possibly further weakness for EM markets like EWM(Malaysia), EWS(Singapore), IDX(Indonesia)

Tuesday, January 27, 2015

Gold in uptrend(?), Silver and miners still in downtrend

Gold managed to penetrate the heavy resistance line from 2012 and EMA(weekly) 21 and 55 which is bullish.However RSI14(weekly) bounced at resistance area 60-65(red line).

Silver and miners(GDX) are still below their heavy resistance trendlines from 2012 and EMA55(weekly) respectively.

Will Gold drag Silver and GDX or vice versa?

We believe that the level of 1235-1240$ is very important for gold.Bulls need to see price of gold above that level and preferably RSI14(weekly) breaking above its respective resistance area of 60-65(usually that happens during a 3,III).If Gold moves below that level the bullish scenario is loosing steam...

Sunday, January 18, 2015

Gold turning bullish?

Gold finally managed to breakup the significant resistance line from 2012 with heavy volume after forming an IHS.Currently price of gold is above 21 and 55 EMA.
Next target 1340$.

Tuesday, January 13, 2015

Gold at crossroads...

Gold is currently in a downtrend, still below EMA(weekly)55 and the descending trendline (black line) from 2012.Weekly RSI is below 60-65 resistance zone.

Daily chart, shows price of gold currently hitting the heavy resistance trendline(black) and daily RSI entering the resistance zone of 60-65.

Bulls need to see gold to break the descending trendline  with substantially increased volume and preferably  daily RSI above 65.We believe that there is a good chance for gold to bounce at resistance and continue its downtrend.