Gold Analysis - June 22, 2017
Following up from my last analysis, gold has found support on the intermediate uptrend line in combination with the 200DMA. I thought it would have broken it on the first try but it makes sense that it had some kind of bounce from this level. This does not change the bearish outlook.
Cumulative buying is very low so far on this bounce, an indication of weakness as there is not much buying pressure (demand) on this rally. I am still expecting a break of the 2 uptrend lines to signal the intermediate decline. I have changed my projection as seen by the purple line. This bounce is nothing more than a dead cat and we should still be heading lower in the short term. The target for this drop is still in the 1230's region. After that we could get another bounce before heading to 1200 or lower.
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Thank you for posting the chart. I'm learning and enjoy seeing real life charts, especially those that relate to where my money is or is going to be.
No problem and thank you. I will try to update regularly on the gold market. If you have any questions on trading feel free to ask me anything
@traderyen thank you I appreciate that and will undoubtedly take you up on it.
Sadly I kinda agree. Any time gold looks ready to move higher it is mercilessly hammered. Followed.
Yes and I dont believe in this rally. Just did a new post on my thoughts on gold stocks. Feel free to check it out