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 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