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
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24
US House Prices Trend Forecast 2024 to 2026 - 11th Oct 24
US Housing Market Analysis - Immigration Drives House Prices Higher - 30th Sep 24
Stock Market October Correction - 30th Sep 24
The Folly of Tariffs and Trade Wars - 30th Sep 24
Gold: 5 principles to help you stay ahead of price turns - 30th Sep 24
The Everything Rally will Spark multi year Bull Market - 30th Sep 24
US FIXED MORTGAGES LIMITING SUPPLY - 23rd Sep 24
US Housing Market Free Equity - 23rd Sep 24
US Rate Cut FOMO In Stock Market Correction Window - 22nd Sep 24
US State Demographics - 22nd Sep 24
Gold and Silver Shine as the Fed Cuts Rates: What’s Next? - 22nd Sep 24
Stock Market Sentiment Speaks:Nothing Can Topple This Market - 22nd Sep 24
US Population Growth Rate - 17th Sep 24
Are Stocks Overheating? - 17th Sep 24
Sentiment Speaks: Silver Is At A Major Turning Point - 17th Sep 24
If The Stock Market Turn Quickly, How Bad Can Things Get? - 17th Sep 24
IMMIGRATION DRIVES HOUSE PRICES HIGHER - 12th Sep 24
Global Debt Bubble - 12th Sep 24
Gold’s Outlook CPI Data - 12th Sep 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Gold Strong Bullish Technical Setup

Commodities / Gold & Silver 2009 May 21, 2009 - 06:11 AM GMT

By: Michal_Matovcik

Commodities

Best Financial Markets Analysis ArticleAi note: our gold technical setup from April 24 2009, falling wedge pattern (rising flag)


Ai note: our gold chart from May 5 2009, fallinng wedge breakout

Ai note: today’s gold daily chart. Big inverted head and shoulders pattern, MA50 and MA100 clearly breaked above MA200, gold price breakout out of falling wedge /rising flag/ then retest of 50 day simple moving average. Now we are waiting for the right shoulder of the big formation. One problem was that after the breakout of falling wedge, there was very little rise in volume, what is not in favor of price behaviour for this kind of technical pattern.

Ai note: and finaly U.S. dollar index. After doubble top formation we see lower lows, break under the support, retest of break and now we have a clear way for the next leg down. So U.S. dollar index is also playing with gold strong bullisch technical setup. Next target for gold $1200-$1250.

Good Luck,

by Michal Matovcik
www.absolutideas.com

I will not tell you where you can make a living, I could, but everyone has to find his own way to become wealthy. When you find it, you will be a lot happier, because you made it, not me, you will find the way how to be independent financially and I will feed your brain with all kinds of brain meal.  The basic motivation must be hunger for knowledge and other things will come up. After a week? Forget about it, there are other websites which claim they can make wise and wealthy investor in a short time. My basic intention to start absolutideas were my dear friends, who suffered big losses during the crisis years 2007-2008. I saw it coming, I also wrote about it but sometimes it is very hard to be honest and take responsible actions, although it only means to protect all the family wealth and no interesting yields for some time. Want to gain some stock market, forex markets, commodities insights? You will have the opportunity here. So don’t waste your expensive time in “about us” …

© 2009 Copyright Michal Matovcik - 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.


© 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