• 21 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
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

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 - A Brand New Day, A Brand New Look...Bad and Good...

The price action in HUI is pointing to more imminent downside where my previous call for a possible RH&S formation is just being invalidated...

  1. The uptrend support line from 2000 (monthly chart) is firmly broken now & there is no way to draw another uptrend line for now...
  2. However, Fibonacci retracement is pointing to 270s as the next strong support area
  3. Bear in mind that, the bull may still be alive if it can be ultimately supported at 61.8% retracement level
  4. But, for now, stay clear of the miners and brace for more downside bias!

HUI Index
Larger Image

Similarly for gold, it is looking to trade a lot lower given the odds of miners pricing in and leading a lower gold prices in coming weeks...

  1. As such, it is warranted to redraw the major trend line for gold where Fibonacci 38.2% level is seen as the major support in coming weeks
  2. Given the steepness of gold price trendline since 2008, a better trend-line with a sustained gradient lies all the way back to 2000
  3. If we still use 2008's low as a connecting point, Fibonnacci 38.2% level offers a solid support around USD 1,300 level.
  4. I believe further selling should stop at this level if the bull is still alive!
  5. For now, long the physical on dip...

Gold Chart
Larger Image


Back to homepage

Leave a comment

Leave a comment