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Gold Looks Set To Explode Higher

ByCandy Matheson
Published 01/24/2019, 12:15 AM
Updated 07/09/2023, 06:31 AM

Gold has been under quiet accumulation since last August, as shown on the following daily chart.

The moving averages formed a new bullish Golden Cross several days ago. The RSI and MACD indicators are in uptrend, the RSI is still above 50.00, and the STOCH has just made a bullish crossover.

Gold Futures Daily Chart

Price on the following daily ratio chart of GOLD versus its Volatility Index (GOLD:GVZ) has just broken above its near-term major resistance around the 120.00 level.

Both the MACD and PMO indicators have put in a higher swing high, while the RSI has yet to do the same; however, it's still above the 50.00 level.

Should the ratio price remain above 120.00 and continue its rally, I'd like to see the RSI also make a new swing high. If that scenario occurs, there's a very good chance that GOLD could explode much higher in the days/weeks ahead. Near-term minor price resistance is around the 1360 level, followed by 1400 and 1550 major resistance, as shown on the weekly chart below.

Gold:GVZ Daily 2014-2019

Gold Weekly 2010-2019

Latest comments

Excellent Call Candy, I have been following your articles here on Investing.com, what an extraordinary analysis you derive about stock market and indexes etc,....You are probably only one on Investing.com write realistically, most other writers beat around the bush and never get it right, yours to the most part precise.....oh what a call on gold, I think the massive rally in gold begins now!! Thank you!.
You amazing
Ms Matheson. You couldn't be more Wring cause XAUUSD is actually see to break down impululsively in this Great Gold Bear Trend . All the way to test $1000 by Nov 2019 . Fair Warnjng from Gold's own technicals.
You absolutely have no idea whatsoever about gold, Candy is right on the spot (look at golds performance today), next week and Feb it will reach most of the short term target she forecast in her article..!!
It's only a matter of time before gold breaks 1370.
Thanks Candy. You are pretty mush in line what other analysts are saying.
Much :)
Fiat printers wouldn't like that!!!!
actually looks set to explode lower
Note the caveat in the last paragraph re: the ratio price and RSI. The bullish scenario is based on those factors coming to fruition...they are pivotal levels to monitor, IMHO. That may take awhile to form and price may swirl above and below 120 before, either breaking long or breaking down, hence my reference to "the days and weeks ahead."
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