By: Ed Carlson | Tue, Nov 11, 2014
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Seasonally, (since 1970) November has been the third best month of the year for gold. Despite that track record I wouldn't get too bullish yet about Friday's (full moon inspired) $27.30 rally.

Friday's intra-day low at 1,132.90 was probably close enough to my price target of 1,126 to call the price decline over for now but gold's Coppock Curve has reached a low which has forecast lows in gold for the last year but not without a positive divergence forming first. Another reason to expect some base building before a tradable rally begins is that my bandwidth indicator confirmed last week's decline and halted its advance with Friday's rally. Any further rally in gold this week will likely be followed by a test of Thursday's low.

Short-term trading cycles point to a low near late Nov/early Dec followed by a rally into a February high at the soonest.

GOLD Chart
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Ed Carlson

Author: Ed Carlson

Ed Carlson
Seattle Technical

Ed Carlson

Ed Carlson, author of George Lindsay and the Art of Technical Analysis, and his new book, George Lindsay's An Aid to Timing is an independent trader, consultant, and Chartered Market Technician (CMT) based in Seattle. Carlson manages the website Seattle Technical, where he publishes daily and weekly commentary. He spent twenty years as a stockbroker and holds an M.B.A. from Wichita State University.

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