• 267 days Could Crypto Overtake Traditional Investment?
  • 272 days Americans Still Quitting Jobs At Record Pace
  • 274 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 277 days Is The Dollar Too Strong?
  • 277 days Big Tech Disappoints Investors on Earnings Calls
  • 278 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 280 days China Is Quietly Trying To Distance Itself From Russia
  • 280 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 284 days Crypto Investors Won Big In 2021
  • 284 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 285 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 287 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 288 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 291 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 292 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 292 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 294 days Are NFTs About To Take Over Gaming?
  • 295 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 298 days What’s Causing Inflation In The United States?
  • 299 days Intel Joins Russian Exodus as Chip Shortage Digs In
  1. Home
  2. Markets
  3. Other

Friday Night Chart...Gold's in Them Thar Hills

Tonight's chart is a daily bar chart for gold that shows all the consolidation patterns since hitting the top of the rectangle back in October of last year at 1800 or so. If gold was ready to break below the bottom rail of the big rectangle, today would have been a good time to do so. Because it didn't breakdown this morning that tells me the sideways correction that has been going on already for almost 3 weeks now, still has more work to do. Below shows what I think could be a smaller red rectangle that is forming below the brown shaded support and resistance zone that may end up being just one more consolidation pattern to the downside. The possible red rectangle is about 60 points and with today's close around 1575 or so would leave about 45 more point to go to reach the top rail. At our most recent bottom there have been 3 main declines out of the H&S top and the two consolidation pattern. This is a good example of how a downtrend works. It starts out with a top that breaks down hard and then a consolidation pattern forms and then when its finished you get another hard down and so on until you get a reversal pattern form at the bottom. I've labeled these 3 hard down phases A B & C.

$GOLD - Gold - SPot Price (EOD) CME
Larger Image

This next chart is another daily chart that goes out a little further out in time that shows the top and bottom rails of the large rectangle gold has been in for 18 months or so.

$GOLD - Gold - SPot Price (EOD) CME
Larger Image

This next long term daily chart shows the big trading range, blue rectangle, and our latest decline towards the bottom.

$GOLD - Gold - SPot Price (EOD) CME
Larger Image

The next chart is a long term weekly look that goes all the way back to the 2008 crash low. This chart gives you a good look at our big Blue rectangle that I think is going to eventually break to the downside. Until it does its still consolidating.

$GOLD - Gold - SPot Price (EOD) CME
Larger Image

This last chart shows what I consider the most important moving averages on the daily look. As you can see the price action is trading well below all three moving averages which is a negative.

$GOLD - Gold - SPot Price (EOD) CME
Larger Image

This should get everyone up to speed on how gold is trading. I don't really expect much action until the smaller rectangle is finished forming. All the best...Rambus

 


Editors Note:

Rambus Chartology is a Precious Metals Based Technical Analysis Site with a twist
"Give a Man a Chart and he can eat for a day : Teach a man To Chart and He will never Starve"

More Info and Charts at http://rambus1.com/

 

Back to homepage

Leave a comment

Leave a comment