Gold and the 34-Month Moving Average

By: Ed Carlson | Tue, Feb 23, 2016
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Gold gave up $8.70 last week (after the previous week's gain of $81.30/oz.) to close at 1,230 and printed a bearish harami candlestick on the weekly chart. Friday's close was on resistance at 1,230. Look for support at 1,190.

A breakout from the 34-month exponential moving average (chart) would be very bullish. Assuming a breakout, our price target is 1,370.

Cycles

A 4yr cycle low is due in the first half of 2016 possibly as early as Feb/March but It looks increasingly as if it may have arrived last December. Wait for a breakout from the 34-month moving average to make that decision. Weekly cycles point to a high in late March.

Gold 1997-2016 Chart
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Ed Carlson

Author: Ed Carlson

Ed Carlson
Seattle Technical Advisors.com

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 Advisors.com, 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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