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Re: Gold GCJ12 ??Lee *PIC*
In Response To: Re: Gold GCJ12 ??/Wayne/Trades ()

And I guess I should post a chart of April Gold too. Price retraced a perfect Fib 61.8% of its Sept to Dec selloff which is very typical of Gold price action. It does love that Fib 61.8% level on retracements. At the same time yesterday's sharp selloff still kept price at the $1700 level support area. This price level has served as support several times since the August plunge to it. That price support is still holding. And the 20ema is above the 50ema which is above the 200ema. Lower technicals are still bullish other than the CCI 20 showing the negative divergence at the recent high. It is good at warning of a high or low short term. Seasonals from March into June or even into July/Aug at times tends to see Gold selloff into a low in this time frame historically. So far no damage has been done to the uptrend but getting long here would be a questionable trade. Price is presently having a dead cat bounce from its dramatic selloff low without a lot of conviction. Closing below 1700 and below the 50ema would turn that 20ema down quickly and 'suggest' an erosion of price once again. Odds favour a flat to down market from here. But that's what stops are for if one is long in this price area.

Messages In This Thread

Re: Gold GCJ12 ??/Wayne/Trades
Re: Gold GCJ12 ??/Lee *PIC*
Re: Gold GCJ12 ??/Trades
Re: Gold GCJ12 ??Lee *PIC*