It looks like we've reached a resistance line going back to September 2012. I see some short term selling ahead in the chart if it doesn't break above 1330. Can it break above 1330 USD this week or next? What are the odds of that happening?
Jeevuz... is that what the gold chart looks like? I remember freakin' at that dip at the start of 2011
It will go above 1330 this week, if not possibly next. If not it won't for a few months. I'd bet a small gold coin it goes over it this week though!
Nice graph - I'm viewing 1338 as the resistance - both the 2012 trend line you've identified and the 62% retraction to the $1434 high at the end of Aug 2013. I'm very much in two minds at the moment as to how to trade this: A - Sentiment is strong for gold at the moment, so that would suggest the trend line will be broken - therefore should I buy the dips? B- That resistance line is significant for a number of technical reasons (your 2012 trend line, the fib retrace, the secular bear etc) - this would suggest I should anticipate a new leg down - therefore should I sell into strength? Anyone out there seeing this trade with a bit more clarity? Mr.G
As Russian/Ukraine tensions ease so will the price of gold? "Gold has shown tremendous strength so far in 2014. After breaking two significant resistance lines going back as far as 2012, gold has run up over 13% since the final days of 2013. And with the global monetary system printing over 10 Trillion since 2006, the long term price of gold is certain to continue rising long term. However, for the short term ahead there is a good possibility of diminishing strength in golds run up since January. Solid support exists 11% to the downside, but the next significant resistance exists less than 4% above from 1412 to 1430. Traders don't see an attractive risk to reward ratio and are currently entering short positions on gold. After a minor move downward watch for renewed strength in the gold price with short covering as the larger bull trend continues in the price of gold."
Well if the macro environment changes significantly with, say, Russia actively responding against the sanctions being imposed by the USA (financial) and EU (political), anything can happen.
