Gold has experienced a nice upward move in the past few days, it is time to examine the trading strategy with a view to support and resistance.
The Ichimoku Cloud does a great job of demonstrating potential support and resistance. We will have a look at some different time frames to see what may be in store for the metal.
The first chart is the monthly. You can see that price is approaching the resistance of the cloud and if you look back a few bars you can see that it has attempted to go through the cloud more than once and been rejected.
Some additional commentary on Gold
Jeff Gundlach Webcast, January 13 - Business Insider
http://www.businessinsider.com/moneygame Tue, 13 Jan 2015 13:07:45 -0800
The best commodity in 2014 was gold. Screen Shot ... Gold gained ground in basically every currency except the US dollar in 2014. ... "Gold is on a stealthy rally and I suspect gold is going to be headed higher not lower." ...
Read more ...
Sat, 10 Jan 2015 00:57:00 -0800
Contrarian, gold & precious metals. Profile| Send Message|. x. Author Following Options: Follow this author. See their articles on your Seeking Alpha homepage and in your feed. Real-time alerts on this author. Get their new ...
The Ichimoku Cloud does a great job of demonstrating potential support and resistance. We will have a look at some different time frames to see what may be in store for the metal.
The first chart is the monthly. You can see that price is approaching the resistance of the cloud and if you look back a few bars you can see that it has attempted to go through the cloud more than once and been rejected.
This is the weekly chart, once again price is approaching the cloud. At this point the cloud is not very thick and may not present much resistance.
The daily and 4 hour charts show that price is above the cloud which will be acting as support.
Some additional commentary on Gold
Jeff Gundlach Webcast, January 13 - Business Insider
http://www.businessinsider.com/moneygame Tue, 13 Jan 2015 13:07:45 -0800
The best commodity in 2014 was gold. Screen Shot ... Gold gained ground in basically every currency except the US dollar in 2014. ... "Gold is on a stealthy rally and I suspect gold is going to be headed higher not lower." ...
Read more ...
Sat, 10 Jan 2015 00:57:00 -0800
Contrarian, gold & precious metals. Profile| Send Message|. x. Author Following Options: Follow this author. See their articles on your Seeking Alpha homepage and in your feed. Real-time alerts on this author. Get their new ...
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