• 20 hours The Biggest Loser In The China-U.S. Tariff Tit-For-Tat
  • 2 days Trade War Takes Its Toll On Shipping
  • 4 days Is $90 Oil Possible? An Interview With Jay Park
  • 5 days Billions Of Dollars Are Flooding Into The Flying Taxi Space
  • 5 days Is This The Most Important Energy Project Of 2020?
  • 6 days Startups Are Dying To Give You A Better Death
  • 6 days U.S. Restaurants Are Struggling With Rising Labor Costs
  • 7 days The Banking Bonanza Is Just Getting Started
  • 7 days How The Trade War Ceasefire Will Impact The Energy Industry
  • 8 days Who Is The Most Dangerous Person On The Internet?
  • 8 days SoftBank Sees First Quarterly Loss In 14 Years
  • 10 days Prepare For An Oil Glut In 2020
  • 11 days Why A Strong Yuan Is A Promising Sign For The Trade War
  • 12 days What Would You Sacrifice For A Debt-Free Life?
  • 12 days Shareholders Urge Major Bank To Stop Funding Fossil Fuel Companies
  • 12 days Tariffs Are Causing A Slowdown In U.S. Manufacturing
  • 13 days The Great Silicon Valley Migration Has Begun
  • 13 days 3 Oil Stocks Paying Out Promising Dividends In 2020
  • 14 days How Fractional Trading Is Democratizing the Stock Markets
  • 14 days Why Smart Money Is Looking To Short Aramco
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

  1. Home
  2. Markets
  3. Other

Gold's Broken 100D-MA, More Harm to Come? What About HUI?

Gold

  1. Weekly Chart - Gold has broken its "weekly 100D-MA" for the 1st time since 2008 and this is also the 2nd time this MA is being violated since the bull run from 2000. For the full view of 100D-MA support since 2000, see here: (http://tinyurl.com/ahxe78j)
  2. Taking cue from a pure technical perspective, gold price is indeed looking to head lower again soon.
  3. Daily chart - However, current level is also a major support from June - August 2012 period and this is the 3rd time gold price is testing this level critical level.
  4. Technical indicators from both daily & weekly charts remain negative with MACD heading down still!
  5. In conclusion - expect yet another critical move very soon to see if a decisive rebound or further weakness is on the card bearing in mind gold's important daily 61.8% Fibonacci level @ 1,626 level (from the top of 1,800 level).

Gold Spot Weekly Price Chart

Gold Spot Daily Price Chart


Miners

  1. Not much to add here but one additional point that i have not mentioned before looking at HUI's daily chart.
  2. The double-bottom breakout in August 2012 was a valid one and the correction since September's peak could simply be viewed as the "reaction" from the breakout.
  3. In other words, the correction ensuing September's peak is simply a normal price action that could be seen after a valid breakout to find its final base before further rally to take place for higher ground!
  4. In conclusion - expect miners to carve its bottom with 380-ish looking to be a solid support on further weakness.

HUI Gold Bugs Index Chart

 

Back to homepage

Leave a comment

Leave a comment