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Commodities | Indices Blog - Forexmospherians.com

Technical Analysis | GOLD MONTHLY

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.

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Genxtrader
Forex Trader, Commodities
Previous Contributor: FXstreet, Forexmosgate, Forexmospherians.com
Currencies: Various: Scalp, Swing, Trend Trader
Technical Market Analysis, Site Administrator, Moderator

Comments

  • 20160501_1924_ForeXmosphere.jpg?width=721Nice Chart Genxtrader and thanks for sharing, will catch up with you later and just off for a cuppa!

  • That is a perfect pattern example.

  • goldwkly.jpg?width=721golddaily.jpg?width=721

    This is a current market shot of the condition of the weekly and daily gold charts.

  • 20190810-7uxq-96kb.jpg

  • took a while,patience is the name of the game.

  • Hi Gene,

    A super example of technical analysis. It looks like a Gold rush on this pair as resistance is breached on the narrow sideways channel, followed by a continue pattern in the current line.

    A much longer term outlook on this chart would suggest circa 1800 -1900 back in 2011 to 2013 would imply huge resistance there. Technically speaking that level or pattern could be viewed as a Bull Horn pattern, if breached then some massive new highs would be expected. One to watch!

    Well done and thanks for sharing these charts.

    Best Regards,

    Gissa

  • yes sir, and great to see you my old friend

     

  • Hey Gene, great seeing you too and we will have to connect up on the telephone very soon.

    Gissa

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