Chart 5-1-2016 Gold Monthly Time Frame. Gold is seen as an over all up Trend but more recently Gold sellers have taken control of the negative market sentiment, found on Dovish counter from the last top. Gold is now stalling the bear counter and finding more support, this is identified through the price action breaking through the Resistance of a sloping downwards Channel. Lets see if this latest move proves to be more aggressive over the coming weeks which would offer Bulls the long awaited confidence needed to boost them in the current market climate. Gold buyers should put this on the one on the watch list.
I will be looking to buy silver at the bottom of this channel.
Silver cheap and looking better.
Starting to watch this closely,its cheap and has a long way it can go.
- DAXY Futures rallied on Tuesday, breaking above 81.760 (resistance turned into support), the upper boundary of the sideways path it’s been trading in recently. In my view, the move above that hurdle signals the continuation of the uptrend, marked by the blue upside support line. Today, during the European morning, the price halted marginally below our resistance line of 82.140 (R1), the highs of the 11th of September. A decisive violation of that line could extend the rally and challenge the highs of the 5th of September at 82.700 (R2). Nevertheless, the RSI shows signs of topping and could exit its overbought territory in the near future. As a result, a pullback is likely before the longs pull the trigger again, perhaps to test the 81.760 (S1) level as a support this time. On the daily chart, an inverted head and shoulders formation was completed upon the violation of the 81.000 barrier, signaling a trend reversal and a first possible price objective is seen near 83.150 (R3)Support: 81.760 (S1), 81.400 (S2), 81.250 (S3)Resistance: 82.140 (R1), 82.700 (R2), 83.150 (R3