Short To Long Term Technicals For Gold
Today Doc and I dive into the charts for GLD. We start with the daily chart, move to the weekly, and wrap up with comments on the monthly. There are a lot of encouraging signs for gold but still some work to be done for a breakout.
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blow-off top?
Doc, Do you still think we may have a minor correction in gold and silver in the near term before they move higher later in the year? What are your price points you think we will hit as pullbacks that would be a good place to buy gold and silver?
Gold is short term overbought and the extended run is simultaneously a short term reason for concern and a longer term reason for confidence (of the bullish kind).
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=0&dy=13&id=p19092729468&a=552058644
The weekly and monthly charts couldn’t look better and are very far from overbought so any daily chart concerns should probably be ignored by most investors. It’s not often that the daily, weekly, and monthly (and now quarterly) charts are so bullishly aligned so any selling that makes perfect sense based on the daily chart might soon be regretted.
Caveat venditor!
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=2&mn=7&dy=13&id=p33986828533&a=562363381
The big bullish breakout happened way back in August but you wouldn’t know it based on the sentiment since — or even after the perfect backtest in December…
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=3&mn=6&dy=9&id=p47217209745&a=563285689
The setup hasn’t looked this good since 2001.
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=M&yr=20&mn=11&dy=30&id=p98262703126&a=533329401
WASHINGTON (AP) — The Trump administration moved Thursday to vastly expand offshore drilling from the Atlantic to the Arctic oceans with a plan that would open up federal waters off California for the first time in more than three decades.
The new five-year drilling plan also could open new areas of oil and gas exploration in areas off the East Coast from Florida to Maine, where drilling has been blocked for decades. While some lawmakers in those states support offshore drilling, the plan drew immediate opposition from governors up and down the East Coast, including Republican Govs. Rick Scott of Florida and Larry Hogan of Maryland, who pressed President Donald Trump to withdraw their states from consideration.
It’s hard to miss the significance of the 233 and 600 week moving averages but many do!
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=5&mn=7&dy=22&id=p58012727662&a=495638650
Gold looks even better relative to the widely followed 50 and 200 week MAs:
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=5&mn=5&dy=0&id=p18305870813&a=542993017
Today’s high happened precisely at fork resistance:
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=3&mn=3&dy=22&id=p41105098593&a=548913195
Thanks,Matthew
That’s my mentor!
🙂
Haha! May the Forks Be With Us!
Copper price jumps after China cuts scrap imports by 94%
Frik Els | about 9 hours ago
http://www.mining.com/copper-price-jumps-china-cuts-scrap-imports-94/
Cobalt price bulls’ worst fears may just have been confirmed
Frik Els | about 14 hours ago
http://www.mining.com/cobalt-price-bulls-worst-fears-may-just-confirmed/
Chile and Argentina to lead lithium output growth after 2018
Valentina Ruiz Leotaud | about 12 hours ago
http://www.mining.com/chile-argentina-lead-lithium-output-growth-2018/
Commodities forge record-setting rally as BP to miners surge
Bloomberg News | about 17 hours ago
http://www.mining.com/web/commodities-forge-record-setting-rally-bp-miners-surge/
Palladium poised to break another record just days into New Year
Bloomberg News | about 18 hours ago
http://www.mining.com/web/palladium-poised-break-another-record-just-days-new-year/
Nickel prices will continue to fall: BMI
Valentina Ruiz Leotaud | a day ago
Global Factory Boom Sends Commodities Prices Soaring
By Javier Blas and Steve Matthews – January 4, 2018
Goldman has more good news for copper, zinc price
Frik Els | a day ago
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Thanks Matthew for all your knowledge and help
Thanks Excelsior and Doc
Cheers!
METANOR COMPLETES PRIVATE PLACEMENTS RAISING PROCEEDS OF APPROXIMATELY $11.4 MILLION
December 28, 2017 – (MT) (MEAOF)
“Kirkland Lake Gold Ltd., an insider of Metanor who previously held 10,357,143 common shares (representing 12.2%) and 5,178,572 warrants, participated in the Brokered Offering and acquired 1,915,000 Units for $1,340,500. Kirkland Lake Gold Ltd. now owns 12.21% of the outstanding common shares and would hold 17.27% on a partially diluted basis, assuming the exercise of its warrants. Wexford Capital LP, an insider of Metanor who previously held 10,708,350 common shares (representing 12.62%) and 5,354,175 warrants, participated in the Brokered Offering and acquired 1,980,000 Units for $1,386,000. Wexford Capital LP now owns or controls 12.63% of the outstanding common shares and would hold 17.82% on a partially diluted basis, assuming the exercise of their warrants.”
USA watchdog…………….
Some great comments………
https://usawatchdog.com/trump-trafficking-eo-voter-fraud-cnn-pot-new-year/
This little video made me laugh….
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I DON’T UNDERSTAND BITCOIN
Coolman Coffeedan – 7:01 AM – Jan 3, 2018
High quality conversation on the technicals, Doc and Cory!
It might take a while (5 or 6 months) but metals will shine this year.