Technical analysis providing the near-term outlook for the US stock market, gold, platinum, silver, crude oil & the US Dollar. Playback speed can be increased in the settings to reduce the duration of the video
The odds for a reversal in gold continue to build as $GOLD (continuous futures contracts, 6+ year daily chart below) has recently crossed above the 70 level on the RSI. The red boxes highlight a fairly simply but consistent pattern of intermediate tops & bottoms in gold when the RSI crosses above or below the 70 (overbought) & 30 (oversold) levels. As I often say, oversold should not be used as a stand-alone sell signal, rather it is merely an indication that the end of the current uptrend may be close at hand but any sell signal should be confirmed with [...]
GLD (gold etf) is now approaching a back-test of the recent broken uptrend line which was/is my upper-most target for the initial rally following the 60-min bullish falling wedge breakout on Dec 12th. Odds favor a pullback to at least the 120 level over the next week or so. GLD daily Dec 22nd SLV appears to have a little more upside potential to around the 15.58 area before the first decent pullback since the Dec 12th low. Simply put, while the intermediate & longer-term outlook for the precious metals & miners remains bullish, the odds for a decent pullback [...]
Technical analysis of gold via GLD, GDX, Platinum (PPLT) and Natural Gas via /NG futures & UGAZ including price targets, support & resistance levels.
/GC (gold futures) have pulled back to support, thereby offering the next objective long entry for either a swing trade up to the 1265 area as well as an objective scale-in/add-on to a potential longer-term trend trade. 60-minute chart: GC 60-min Dec 14th Platinum appears to be on deck for the next rally up to at least the 950 area pending any decent buy signal (e.g.- a bullish candlestick reversal pattern or impulsive break above 890, which is resistance on the 15-minute chart of /PL, platinum futures) as well as confirmation of the potential positive divergences that are building [...]
It appears that the precious metals, mining stocks & the US Dollar are at important technical junctions that could determine the next major trend in each. This video covers those levels as well as the near & longer-term outlook for gold, silver, platinum, GDX, the US Dollar & the Euro.
The outlook for gold (GLD), silver (SLV), platinum (PPLT), the precious metals stocks (GDX) as well as the US Dollar.