Jump to content

Spot Gold


FiringSquad13

Recommended Posts

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.

 

 

chart.png

Link to comment

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.

Link to comment

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.

Link to comment

Archived

This topic is now archived and is closed to further replies.

  • General Statistics

    • Total Topics
      19,992
    • Total Posts
      87,956
    • Total Members
      69,143
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    Someuser
    Joined 26/09/22 02:10
  • Posts

    • Stocks: AAPL, AMZN, NVDA, TSLA, GOOGL, BRK.B, SQ, META, NFLX, ENPH, MSFT, JPM. Elliott Wave  US Stock Bear Market: AMZN, AAPL, NVDA, TSLA, GOOGL, BRK.B, SQ, META, NFLX, ENPH, MSFT, BAC, JPM, GS. Elliott Wave Technical Analysis  Stock Market Summary: Elliott Wave Count: Wave (ii) or (iv) depending on the stock. Analysis US Stocks: Tesla TSLA, Amazon AMZN, Nvidia (NVDA), Apple AAPL, Microsoft MSFT, Berkshire Hathaway (BRK/B),Block, Inc (SQ), Meta Platforms, Netflix (NFLX), Enphase (ENPH), Alphabet GOOGL. XFL Finance Sector ETF, JPMorgan JPM & Bank of America BAC, Goldman Sachs Group Inc (GS) Stock Market Trading strategies: The market is still trending lower in the medium term. Continue on the short side of the market and short the corrective rally today.  Market News: The Fed will save the stock market and cut interest rates if a deep recession occurs next year, JPMorgan said./ Some U.S. firms wait to issue bonds in a bet rates will come down Video Chapters 00:00 SP500 00:58 Apple (AAPL) 07:03 NVIDIA (NVDA) 08:28 Amazon (AMZN) 10:50 Meta Platforms (META) 12:01 Netflix (NFLX)  14:42 Enphase (ENPH) 16:18 Tesla (TSLA) 20:30 Alphabet (GOOGL)  22:59 Microsoft (MSFT) 32:58 Block Inc. (SQ)  34:37 Banks JPM, GS 43:15 End. Thanks for supporting! Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com  
    • Theory: OMXS30 falls +-6% from 1818 points (24 SEP 2022) to 1703 Theory: OMXS30 falls +-6% from 1818 points (24 SEP 2022) to 1703 ------------------- Leo Olsson 24 SEP 2022 23:00 (CEST) Topics   Fall below the support line of 1871 points (strongest) MACD intersects signal line from above RSI trending down Next support line is at 1703 points, price is chasing support CBOE Equity Put/Call Ratio is lower than our last bottom on March 12, 2020 Ratio between the high point, 2470, on 3 JAN 2022 and the 1703 point                                                                                                                                                                                  is percentage-wise identical to the ratio between the high of 1870 points,                                                                                                                                                                            17 FEB 2020 and the low of 16 MAR 2020 (Corona, Approx. -30%)  Macroeconomic changes: interest rate hikes Other: MA 50 slips above MA 200 Benefits for long term savings: 1703 is the bottom reached?   _________________ Passed the support line at 1871 points The price fell through the support line at 1871 points. May indicate that the market is not satisfied with the price "only" falling to the 1870 line with the circumstances (macroeconomic changes, further down). Today's Equity Put/Call Ratio is longer than the last top on March 12, 2020 Source: Chicago Board Options Exchange The Equity Put/Call Ratio has been historically good at predicting bottoms and tops for the market. Right now, today's Put/Call Ratio is 0.2 units from the peak on March 12, 2020, which may indicate that a bottom has not been reached. This hypothesis is formed in conjunction with the fact that the price of the OMXS30 has crossed the support line and then not shown support for a new trend to occur.   The ratio between the high point and the point 1703 is percentage-wise identical to the similar event  Left: Previous event Right: Potential repeated event White Line: New Support The market likes to repeat itself. On 17 FEB 2020, the OMXS reached a new ATH only to fall sharply shortly after. The difference between the high of 1870 points, 17 FEB 2020 and the bottom quote 16 MAR 2020 (Corona) has about identical percentage ratio between the high point, 2470, 3 JAN 2022 and the point 1703, Ca, -30%.   MACD intersects signal line from above MACD 12 26 9 managed to cross the signal line from below but quickly thereafter MACD cut the signal line from above suggesting a bearish signal of continued decline.  RSI trending down White highlighted After the RSI 14 reached 50.00 it fell down, it is trending down and gives a bearish signal of continued decline.  The next support line is at 1703 points (Price Target) As the price crossed the support line at 1871 points, it is not unreasonable if the price is chasing a support to which it can fall back in troubled times and uncertainty. The particular support of 1871 is selected as a profit target for a short position from today's levels until then (1817 - 1703). The potential for the price to fall below the set support line at 1703 is entirely possible if the theory is correct. How the "newly set" support line can be positive for long term trading is discussed later.     Macroeconomic changes: interest rate hikes The one percentage point increase in the key interest rate on 20 Sep had a negative impact on the stock market for reasonable reasons. This macroeconomic change supports the claim of a continued decline. Benefits for long-term savings If the price falls to the support line 1703 and shows together with continuous volume and trading that 1703 is an active support line for the OMXS30 that is not broken, it can give a wonderful signal that a bottom has been reached. Cash intended for long-term savings can be invested in the index with the conscience of timing the market.  Other      MA 50 slips above MA 200 MA 50: Blue MA 200: Pink The MA 50 sliding above the MA 200 gives us neither a buy signal nor a sell signal but it guarantees that the MA 50 will most likely fall through the MA 200 and signal a downtrend.    
×
×
  • Create New...