In my earlier post this month, I shared hot trading opportunities for silver and gold. It’s time for an update as we’ve already seen how it played out.
Before we start, I would like to show you the metals performance month-to-date in the graph below.
Chart source: finviz.com
This month silver showed the best performance gaining impressive an +18.15%. The second best wasn’t gold; it’s platinum with a +9.05% gain. Gold is in third place this month, with a +2.39% rise. The most precious of these four metals, palladium, could score only a +1.29% gain.
You were accurate again with your forecast as most of you bet on silver (see chart below) under my last post. Seers in action!
I spotted hot trading opportunities for you on daily charts, so let’s skip straight to it. Gold will be the first.
Chart courtesy of tradingview.com
Gold got stuck in a sideways consolidation after it hit a new high of $1748 in the middle of April. The lower peaks and higher troughs shaped a very familiar pattern of a contracting triangle (orange trendlines). The price has reached the upper side of that pattern as I write this post. Watch the price to break up out of the triangle to confirm the move up. Continue reading "Gold Eyes All-Time High As Silver Targets Former Top"→
It’s really amazing to see how some people take a selfie every day from childhood and then compile a video from those photos to see the timeline of their life.
As gold reached all preset targets, hitting a new seven-year maximum of $1704, I think it’s an excellent time to contemplate the history of this large move up. I put the charts from the previous posts one by one to restore the timeline with my comments for you. Let’s start the time machine!
Chart 1. Global Monthly Chart Of 2016
Chart courtesy of tradingview.com
Four years ago, when the “Bulls Finally Took The Ball”, I posted a big map to share with you my view about a possible sizeable complex correction for gold to warn you of a time-consuming zigzag move. It was meant to become a real roller coaster with a big up and down move. It consists of two Fibonacci retracement areas. Green colored was set for the current move up. We almost reached 78.6% last week as price grew by $447 or 36% since that post in 2016. Continue reading "Gold Update: That's It?"→
Before we start analyzing gold, let’s see how two precious metals behave in comparison on the chart below.
Chart courtesy of tradingview.com Gold (orange, right scale), Silver (blue, left scale)
This chart above starts from the bottom area of 2019. The most of the time, the yellow metal leads the game as Silver follows suit showing sharp moves to catch up with the gold. Sometimes the laggard throws over the leading trend amid excessive market reaction to the big moves of the top metal. Such extremes are rare and quickly get normalized by market “whales.” From this perspective, there is nothing new we can find on the chart. Continue reading "Gold Hits Target And Seven Year High"→
On the 6th of January, gold had hit the second target of $1577 that I showed you last June when we measured the depth of gold bugs love. I will update the big chart for you below to show why this second target is crucial. By the way, this target was the most favored then as you can see in the graph of ballots below.
It’s a real miracle that we witnessed the Santa Claus Rally again this year. I updated the short-term chart for gold right ahead of Christmas as I thought the correction would extend itself to delay the rally for a later period. The invalidation point for the bearish scenario was set at $1516 as the price moved almost $100 above that point for someone’s benefit.
Most of you voted for the immediate rally as you didn’t expect another drop, and you were amazingly right, again!
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