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TFC Commodity Trading Forum

Re: Trades - Gold chart./Silverbear *PIC*
In Response To: Trades - Gold chart. ()

Well you can see price tagged that July breakout pt support at 1577. Plus it tagged the 200ema that it has done for the 8th time successfully over the last several years and found support there each and every time. Shorter term price has now cleared the recent rally top resistance which was the August low breakdown point at $1705. It cleared it yesterday on the close and then tagged it as support this morning and bounced. Nice looking breakout that seems to be confirmed. And my old friend DX just couldn't hold its breakout point at 76. That was important. So now $1705 is support and must hold. Next resistance is the Fib 61.8% retracement pt of the Sept selloff at $1775 and then the old high of $1917. Seasonal trends are bullish into Feb or so. Looking good now. It sure wasn't up until recently when it was underperforming the broad market. I am still concerned that the Silver to Gold ratio is not performing well. That is usually a good guide as to the strength of a precious metals rally. It has imporoved today but still weak. Some strange sh-- going on lately for sure. Markets are tracing out patterns much like a crazy outhouse rat does. That $BPGDM chart sure has been nailing things as well as the RENKO chart. Gotta love that RSI and CCI stuff.