Saturday, November 1, 2014

My Gold Analysis Comment For October 31, 2014

When will the tide reverse and see the price of Gold move highr? That is the question on the minds of many as price seems to be in a free fall.

This first chart uses the 'Center of Gravity' indicator and we can see that the price has met support and is perhaps stopping the free fall. A few more days will see whether there will be a sizeable bounce.

This second chart was going to be a look at any possible divergence between price and the indicator and that also will take a few days to determine.

One way of knowing whether price is reaching support or resistance is the 'Harmonics' chart, we can see that support has been reached as is shown in a couple other charts on this page.

This last chart shows the 'Weekly Pivot'.(yellow). We can see that once the weekly pivot was breached to the downside, there was no support for several days. The price, on this 240 minute chart, has tested support a couple times and it looks as if support will hold. However, the weekend is here, there is much turmoil in the world, it is very difficult to know the direction of price in future.

Enjoy the weekend.!!

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