Technical Analysis for Gold chart ?

Discussion in 'General Precious Metals Discussion' started by masmas, Aug 28, 2016.

  1. masmas

    masmas New Member

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    People,

    I'm new in this forum and started to learn to read the Gold price chart from:

    http://goldprice.org/gold-price-australia.html
    http://finviz.com/futures_charts.ashx?t=GC&p=d1

    So does this chart can be explained or analyzed by using the Technical Analysis like in the stock market ?

    I've browse some video in Youtube regarding Elliot waves, Technical analysis, etc.. but I'm not sure if it is applicable to the Gold & precious metals market or not ?

    Any help would be greatly appreciated.

    Thanks,
     
    masmas, Aug 28, 2016
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  2. finicky

    finicky Well-Known Member Silver Stacker

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    Finwiz - that seems a good site for charts. Thx for the link.

    As to your question, I would say, why not gold? Any market with buying and selling (goes without saying). Golds just another market.
    With open and close prices, high and low peaks of price for the intervals being considered (which might be seconds, minutes, hours, weeks, months, quarters, years)
    With volume of transactions.
    Then all the statistical 'tools' that can be applied to the raw data (above). The simplest being the moving average(s).
    Then all the patterns and adages that have been recognized over the years that you can use or not use according to your intuition. For examples: 'head and shoulders top', or "never buy into a downtrend"
     
    finicky, Aug 28, 2016
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  3. masmas

    masmas New Member

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    finicky,

    Sure no worries mate.

    I've never invest in the stock or Precious Metals before and yes I'd love to know more.
    So do you think is it the same ?

    Do you recommend any book or website to follow perhaps if there is any.
     
    masmas, Aug 28, 2016
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  4. wrcmad

    wrcmad Well-Known Member Silver Stacker

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    Agree.
    Gold is just another market - prices determined by human behaviours and emotions, which are fairly predictable as people tend to follow the herd mentality.
    Thus, T/A is very effective on the gold market, especially support/resistance levels. ;)
     
    wrcmad, Aug 28, 2016
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  5. finicky

    finicky Well-Known Member Silver Stacker

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    Looks like you're onto one good reference source: Youtube. Then there's googling - that takes you into lots of stuff. I think stockcharts has a very generous primer: http://stockcharts.com/school/doku.php?id=chart_school
    This guy, Colin Nicholson, started off my interest, but havent looked at his stuff for a decade, do dont know how he'd rate against other sources today: http://www.bwts.com.au/#

    Having said that about gold, most of us using charting here failed badly at recognising a terrible bear market in gold and silver as it was unfolding.
    People trading it short term on strictly break of support and resistance levels did ok. Upside down charts were effective too - that wont make sense to you, dont worry about it.
     
    finicky, Aug 28, 2016
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  6. masmas

    masmas New Member

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    masmas, Sep 6, 2016
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