Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Friday Stock Market CRASH Following Israel Attack on Iranian Nuclear Facilities - 19th Apr 24
All Measures to Combat Global Warming Are Smoke and Mirrors! - 18th Apr 24
Cisco Then vs. Nvidia Now - 18th Apr 24
Is the Biden Administration Trying To Destroy the Dollar? - 18th Apr 24
S&P Stock Market Trend Forecast to Dec 2024 - 16th Apr 24
No Deposit Bonuses: Boost Your Finances - 16th Apr 24
Global Warming ClImate Change Mega Death Trend - 8th Apr 24
Gold Is Rallying Again, But Silver Could Get REALLY Interesting - 8th Apr 24
Media Elite Belittle Inflation Struggles of Ordinary Americans - 8th Apr 24
Profit from the Roaring AI 2020's Tech Stocks Economic Boom - 8th Apr 24
Stock Market Election Year Five Nights at Freddy's - 7th Apr 24
It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- 7th Apr 24
AI Revolution and NVDA: Why Tough Going May Be Ahead - 7th Apr 24
Hidden cost of US homeownership just saw its biggest spike in 5 years - 7th Apr 24
What Happens To Gold Price If The Fed Doesn’t Cut Rates? - 7th Apr 24
The Fed is becoming increasingly divided on interest rates - 7th Apr 24
The Evils of Paper Money Have no End - 7th Apr 24
Stock Market Presidential Election Cycle Seasonal Trend Analysis - 3rd Apr 24
Stock Market Presidential Election Cycle Seasonal Trend - 2nd Apr 24
Dow Stock Market Annual Percent Change Analysis 2024 - 2nd Apr 24
Bitcoin S&P Pattern - 31st Mar 24
S&P Stock Market Correlating Seasonal Swings - 31st Mar 24
S&P SEASONAL ANALYSIS - 31st Mar 24
Here's a Dirty Little Secret: Federal Reserve Monetary Policy Is Still Loose - 31st Mar 24
Tandem Chairman Paul Pester on Fintech, AI, and the Future of Banking in the UK - 31st Mar 24
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Gold Price Trend Analysis, MACD, Trend Channels, Support / Resistance

Commodities / Gold & Silver 2019 Jun 08, 2019 - 04:11 PM GMT

By: Nadeem_Walayat

Commodities

TREND ANALYSIS

The gold price trend off the February $1350 high to the recent low of $1269 appears corrective which implies that the Gold price should at least resolve in a trend back to $1350. The downtrend so far has retraced 44% of the rally to $1350 which suggests that downside is limited to 50% at $1259 that is confirmed by recently constructed support in the $1270 region. So it appears the Gold price is forming a bottom right now in preparation for a breakout higher above the down trendline currently at $1290 that compares against the last close of $1286.


MACD - The MACD is showing early signs that the Gold price has bottomed to be confirmed on putting in a higher low and high.

TREND CHANNELS - The gold price is trading towards the top of it's corrective trend channel that should soon resolve to the upside.

The longer-term Gold chart shows heavy over head resistance from $1250 to $1370 so it should not come as much surprise that Gold price is correcting and given that the correction is mild the Gold price should at least get another chance to bust through resistance.

RESISTANCE : Over head resistance between $1350 and $1370 that the Gold price is going to find tough to break through and likely will have several attempts at during the remainder of 2019.

SUPPORT is at $1200, $1230, and then a more distant $1165.

Overall trend analysis paints a picture of a market stuck in a trading range with the immediate correction likely to resolve in a break higher to target resistance of $1350. So to get a better gauge of the probability for the Gold breaking above resistance we need to take a look at a longer term chart.

Resistance is at $1350 to $1370. Then around $1500 and finally $1800 which is actually my long-term target for the Gold price pending a break of resistance which in December 2016 was at $1400.

Dec 2016 :Youtube

Therefore once the Gold price is able to overcome resistance at $1350 to $1380 then it should be propelled towards $1500 to $1530. So the big question is will the Gold price finally breakout of resistance that it has remained stuck under for over 5 years!

TREND ANALYSIS - The Gold price bottomed at $1046 in 2016 since which time entered into a trading range after failing to break through resistance at $1380. So the gold price is stuck in a trading range with the price action of the past 3 years implying a gradual convergence towards a breakout point with support at $1225 and resistance at $1350. Beyond which trend analysis is not clear when the gold price is likely to breakout AND in which direction.

The rest of this analysis has first been made available to Patrons who support my work: Gold Price Trend Forecast Summer 2019

  • Current State
  • Trend Analysis, MACD, Trend Channels Support / Resistance
  • Seasonal Analysis
  • US Dollar / Gold
  • Gold Price Trend Forecast Conclusion

So for immediate First Access to ALL of my analysis and trend forecasts then do consider becoming a Patron by supporting my work for just $3 per month. https://www.patreon.com/Nadeem_Walayat.

Scheduled Analysis :

  • China Stock Market SSEC
  • UK Housing market series
  • Stock Market Trend Forecast June 2019 Update
  • Machine Intelligence Investing stocks sub sector analysis

Recent Analysis:

And ensure you are subscribed to my FREE Newsletter to get my public analysis in your email in box (only requirement is an email address).

Nadeem Walayat

http://www.marketoracle.co.uk

Copyright © 2005-2019 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Housing Markets Forecast 2014-2018The Stocks Stealth Bull Market 2013 and Beyond EbookThe Stocks Stealth Bull Market Update 2011 EbookThe Interest Rate Mega-Trend EbookThe Inflation Mega-trend Ebook

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

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 trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Nadeem Walayat Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in