Gold - BREAKOUT!
If you've been following my posts you will know that I've had an eye on the Gold 2011 down trend level, awaiting a final and conclusive break out. This afternoon, in the face of bad US data, we got that break out. I won't say 'finally' because as yet it is not conclusive. Remember in May we had a fairly significant false break out. Well here we are again, with the green daily bar clearly pushing above the red down trend line this afternoon.
Is this the break out that we've been waiting for? I will give it a 60% chance of success. It needs at least a few days of sustained rises to make it conclusive and create some support. What is interesting is the slew of bad data now coming in, which will continue to support buying in the precious metals sector. The continued assault and attempted breakouts, resulting in two successful break outs in as many months is positive though. If not this time, and we get another slam down, then almost certainly we will see a conclusive break out at the next assault, probably in early Autumn.
Keep a close eye on the current levels though. Continued upward pressure will mean a fairly fast move to $1300.
Almost looks like this trend may continue, if they smack it down, gives more people to get on board and buy some more, they can't hold Gold and Silver down much longer.
Interesting times.
True, but I don't need any more ;)
Well you my friend must have been planning for a while! Good job!👍
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And the gold positive news keeps rolling in as N Korea launches yet another missile. Something to be aware of is that a Gold break out and rush higher is highly likely to be accompanied by deteriorating global events.
It's almost as if Gold is predicting the future?!
IMHO i think this is it ....
As much as i hate famous last words ...
I know this market too well to commit 100% ;)
commitment of traders report suggests we still have nice room for upside which means this could be it and it would complete the head and shoulder pattern. huge opportunity for mining companys
Could be - I certainly hope so as the majority of my holdings are in the miners.
I read one analyst who said to watch for GDX to close above $23. He has been right in the past, so I'm hoping for a breakout very soon.
I watch GDXJ very closely as I'm overweight there. It has been under performing a bit recently but I expect it will bounce back should Gold maintain it's break out. Having said that the miners are usually a good indicator of what will happen in Gold, which might mean we should expect another pull back before we finally break through.
yes, been watching this line since 2016. this could be it, especially because of some other positive signals like the gold/silver ratio.
The gold silver ratio is definitely another good indicator, and is looking positive right now. You might have already seen my post on it here:
https://steemit.com/steemsilvergold/@unclehermit/big-silver-move-ahead-gold-silver-ratio-hits-resistance
Yes, I have. the gold/silver ratio has also broken down from support since April. We could see a spike in silver and gold prices soon. However, the market could just make us wait a while by hovering around the gold breakout area (above the breakout) for some time.
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