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Gold Price

Commodities / Gold and Silver 2015 Jan 06, 2015 - 05:25 PM GMT

By: Ed_Carlson

Commodities

Gold has gone sideways since late Oct. and at this point the Dec 24 low is pivotal. A close below 1,173.50 will open the door for a return to the Nov low at 1,137. The 89-dma has done a good job of providing support and resistance all year and is now at 1,212. Stay bearish until it is exceeded.

A bull flag (if triggered by a move above the 89-dma) measures a minimum move to 1,300. A five-wave decline from the 2011 high appears to be finished and comes complete with a positive divergence in weekly RSI (chart).  However, a full moon (often seen at turning points in gold) is due today and short-term cycle highs are due near Jan 7 and 13 so any rally early this week will probably be turned back once again.


The next cycle low is due near Jan 23 but the Nov. rally should last until at least until mid-February when an intermediate-term cycle high is due followed by a decline into mid-April.  A 21-mo cycle is also due in Feb.

Try a "sneak-peek" at Lindsay research (and more) at Seattle Technical Advisors.

Ed Carlson, author of George Lindsay and the Art of Technical Analysis, and his new book, George Lindsay's An Aid to Timing is an independent trader, consultant, and Chartered Market Technician (CMT) based in Seattle. Carlson manages the website Seattle Technical Advisors.com, where he publishes daily and weekly commentary. He spent twenty years as a stockbroker and holds an M.B.A. from Wichita State University.

© 2014 Copyright Ed Carlson - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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