featured, Gold, technical analysis Saturday, August 17, 2013 The Investulator 0 Comments
I have been following the technical status of Gold and the bears remained in full control here and here. Finally, Gold is showing signs of what looks like a bottom, at least in the short term (see chart below).
For the first time since the breakdown ~1550, the price action of Gold has pierced through the 13-week EMA that had been acting as resistance so far. Both the RSI and MACD have reversed their trends. The next target will be the 26-week and 200-week averages that hover just around 1400-1425. If this is crossed the next level that is likely to act as resistance is the 1550 breakdown level. Overall, in the short term, gold seems to be acting strongly. Will this be a major bottom or just a reprieve? Time will tell.
breakout, coil pattern, oil, technical analysis Friday, July 19, 2013 The Investulator 0 Comments
Over a month ago, the long term chart of WT Crude oil was showing evidence that a crucial price action was imminent. And, we were right! A fairly decisive move off this triangle pattern has emerged to the upside. This move confirms a secular bull move in $WTIC that started in early 2009. The next level to watch is around the $120 and then at the $140 level. This observation proves once again that long term charts are very powerful and should be used by every investor to get the big picture.
Gold, technical analysis Saturday, June 22, 2013 The Investulator 0 Comments
coil pattern, featured, oil, technical analysis Sunday, June 09, 2013 The Investulator 1 Comments
Technical features are specifically more valid if they are spotted on a long-term chart. Here, $WTIC is trading in a tight triangle pattern (also called a coil by technicians), suggesting that a crucial price breakout/breakdown is pending and likely to proceed in that direction once the move happens. An interesting chart setup worth tracking!
The technicals on gold remain negative. After breaking a crucial support at around $1525, the high volume breakdown confirmed that the bears were on top. The bounce after the breakdown has been feeble. Gold continues to trade below all short and long term moving averages, the MACD is down, on-balance volume is negative. The only saving grace on the weekly chart is a slightly divergent RSI. The short-term prospects for gold remain gloomy and buying gold is best avoided
featured, technical analysis Friday, August 20, 2010 The Investulator 0 Comments