Spot Gold

[FiringSquad13]

The chart below shows some interesting moves.  Over the last few days there has been some indecision in the market with trading within a fairly wide range, but proces resting fairly central.  This appeared back in September before a drop.  Could this suggest another drop is coming.  Back in Sept the Stochastic was rising from a low of just under 20.  Stochastic is now rising off a low of 20.

 

Of course FOMC minutes are likely to have a big impact on Gold.  The Sept meeting saw a big rise in gold.

 

 

[jbtrader]

The correction such as the one in Gold has been traced out over the course of the past 8‐9 trading sessions.

It has taken effectively the same time as it took to rally nearly four times as far.

I believe we should be very happy as Gold has gone from overbought to nuetral during this time.

This is as we would wish to see a price change evolve if we are bullish which I am.

 

I see Gold as a Buy.

[FiringSquad13]

I agree there is a buying opportunity here. Especially with the FED announcement.

[jbtrader]

The chart shows the Daily reversal to the downside.

BEWARE!

 

Post the Fed announcement the outlook for Gold certainly changed.

I believe one has to be bearish now in the short term.

 

[FiringSquad13]

Yes it certainly turned quick.  I bet a few got stung expecting it to keep rising.  I stayed clear but managed to close some oil bets with a decent profit.  The chart suggested a downwards move however fundamentals suggested otherwise.

 

 

 

[jbtrader]

I always pay respect to a Daily reversal on the charts regardless of current fundamentals.

Note this could also turn in to a weekly reversal as it currently stands. These are more rare and more powerful signals.

Yesterday's high was above the high last week. Only time will tell whether or not we close the week lower than last week's low.

 

Buyer BEWARE - It is a technical short for now.

[jbtrader]

 

This Weekly chart confirms a Gold Bull's worst fears.

I expect we will see further weakness from here. 

I pay respect to daily reversals, even more so to weekly reversals.

[jbtrader]

We are nearing support at $1100-$1110.

 

If we see support hold we should be in for a decent bounce, otherwise I fear it will get very *****.

 

In my opinion it is almost looking oversold at this point.

[jbtrader]

I believe this is a critical support level at $1100

 

Hoping it will bounce.

 

If it breaks here we will probably see new yearly lows ahead in my opinion.