Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Gold's Game Of Touch And Go

Published 02/08/2019, 02:08 PM
Updated 05/14/2017, 06:45 AM

It's happening again. Just two weeks ago the S&P 500 had its moment, now gold may be playing a game of touch and go. Two weeks ago gold crossed over 1300 and then spiked to what looked liked it could be a blow-off top. The price was out of the Bollinger Bands® and had just gapped over resistance.

It managed to hold there and move back into the Bollinger Bands over the next couple of days. Since then it has pulled back, in a bull flag, to retest the breakout area and fill that gap on Thursday. With a touch at the prior resistance, it moved back higher Friday.

Daily Gold

Target (NYSE:TGT)

With the momentum indicators reset, it may be ready for another leg higher. Additionally, a Golden Cross should confirm over the next few days with the 50-day SMA crossing up through the 200-day SMA. A new leg up would give a target to 1355 on a Measured Move. That is right around the March-to-April topping zone from last spring.

Latest comments

Well that bearish divergence on the MACD suggests otherwise..a drop to <$1300 coming... a USD looks poised to rally and if so, it will help push Gold lower.
DX and GC have been moving upward in tandem
Great analysis of the market.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.