Gold Charting and Gold TA Chat

thatguy said:
Gap up in gold just before... things could get funky tonight
Click to expand...

Funky as in the prices are gonna boogie down or is it gonna dance up a storm?
 
Altima said:
thatguy said:
Gap up in gold just before... things could get funky tonight
Click to expand...

Funky as in the prices are gonna boogie down or is it gonna dance up a storm?
Click to expand...
Never know... I'm on the up train, whatever is gonna happen things are going to be different by the 7th :D
 


Lower inner channel line on the weekly log chart in play (1375 this week)

Long wicks hint at lack of bullish conviction / strength of selling
 
As much as gold looks to be going lower, I cannot see a decent trade setup or reference point to trade from.
Very choppy price action ATM, so better for me to sit and wait.
Next short for me will be below 1320.
 
So it's like traders are just kind of in a holding pattern waiting to see what the FOMC meeting brings?

If the market goes up too much sellers bring it back down, if it goes down too much buyers bring it back up. The market becomes more and more nervous as the meeting approaches and as such less and less risks are taken resulting in a smaller and smaller range. Sound right?
 
On the off-chance Bernanke indicates a winding back of QE3, seems to me we can expect further capitulation of the price of gold, at least in the short term..is that a fair assumption to make?
 
J-Money said:
On the off-chance Bernanke indicates a winding back of QE3, seems to me we can expect further capitulation of the price of gold, at least in the short term..is that a fair assumption to make?
Click to expand...
We'll see both... he'll indicate tapering, then hint at moar printing... or will it be the other way round.

One would suspect that they'll want PMs in the lower section of the pennant to make sure that a break out is unlikely
 
$1350 and $21.30 need to hold here... I rather like the possibility of a bottom being in between now and 1st of july... So I will allocate some resources that way soonish
 
psychology-marekt-500x334.jpg

1021_1275.png

Suspect a restest of 1275 to confirm "a bottom"... unsure if it is "the bottom"
 
Hey Guys I found this great tool for predicting gold and silver prices. And does it work - look it is off the charts right now.
Fundamentals always wins

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