Welcome to the TFC Commodity Trading Forum.
Please feel welcome to join in on these informative ongoing discussions about trading futures and commodities.

The Trading Forum is intended for the open discussion of commodities trading. The management of this Forum does not agree or disagree with the ideas exchanged, and does not exert editorial control over the message posted herein. Read and post at your own risk. The risk of loss in trading or commodities can be substantial. We discourage the use of this Forum to promote trading that is acknowledged to be risky. Please note: many links from the Forum lead to pages on other web sites. We cannot take responsibility for nor endorse the information presented on those sites.

TFC Commodity Trading Forum

Re: Gold Chart/Trades/Lee *PIC*
In Response To: Re: Gold Chart/Trades ()

Well when you see GC #f I post that means its a continuous chart or a chart of the front month carried forward. The price will be what the front month is at which in this case would be the April contract. But with a continuous chart you see clear data rather than on an April chart where months ago was a back month with little or no volume or open interest making the chart hard to read without the price action.

So now look at what you have here. The recent low was at $1320 price support which was also a Fib 38.2% retracement of the July to Dec rally. Also note the Modified MACD dip a tad below the important 0 line just like last Feb price lows and again at the Aug price lows. Also note the RSI 21 do the same at those same previous pts. And also note the 34ema come down and tag the 50ema just like at the previous lows as well. So now you have price break out above the downtrendline explosively as I was suggesting the other day on the post you referred to. And yes it has bumped up against 1st resistance previously marked at $1352. And after running up to the 50ema intraday could not hold above 1352 1st resistance and sold off somewhat Friday. Big test now as you can see all these indicators must either turn back up with the uptrend with price rallying above 1360 clearing the 34ema and 50ema to see the 34ema curl back up again in a bullish pattern and price holding above to have those lower indicators turn back up now at such a critical point. "OR" price fail here and roll down breaking below $1320 and selling off to a more typical selloff of a Fib 61.8% retracement at price support of $1267. No way to know which way it will break for sure but the break above the downtrendline from Dec suggests the existing uptrend will continue. Bottom line: Price must clear $1260 area to clear 1st support and get above the 34ema and 50ema to turn all the indicators back up again and confirm another rally from a higher low just like last Aug and last Feb/10. Seasonals are bullish well into Feb and can run further. Weakness overall is seen from late spring into summer. Those are my observations fwiw on Gold.

Messages In This Thread

Re: Gold Chart/Trades/Lee *PIC*