• 312 days Will The ECB Continue To Hike Rates?
  • 313 days Forbes: Aramco Remains Largest Company In The Middle East
  • 314 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 714 days Could Crypto Overtake Traditional Investment?
  • 719 days Americans Still Quitting Jobs At Record Pace
  • 721 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 724 days Is The Dollar Too Strong?
  • 724 days Big Tech Disappoints Investors on Earnings Calls
  • 725 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 727 days China Is Quietly Trying To Distance Itself From Russia
  • 727 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 731 days Crypto Investors Won Big In 2021
  • 731 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 732 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 734 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 735 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 738 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 739 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 739 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 741 days Are NFTs About To Take Over Gaming?
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

How Millennials Are Reshaping Real Estate

How Millennials Are Reshaping Real Estate

The real estate market is…

  1. Home
  2. Markets
  3. Other

Gold: Short Setup

Long-term time frame:

  • Although it is still premature to assert that Gold has established a major bottom, the Falling Wedge can have concluded the corrective decline from the 2011 top. However Gold has to clear R2 = 1390 in order to confirm that a bottom is in place.
  • It is also important that during a pullback Gold must establish a higher low above/at the 20 mma = 1174

Gold Monthly Chart
Larger Image

Short-term time frame: Short Setup

  • Daily oscillators are triggering a sell signal: RSI (14) has breached the trend line from the November low and it is displaying negative divergence; New bearish cross of the MACD and negative divergence of OBV

Gold Daily Momentum Chart
Larger Image

  • Friday's Shooting Star should have completed a Rising Wedge
  • If the support located at 1237 is breached odds should favor a sharp decline
  • In my opinion we have two potential targets: T1 = 1192 and T2 with a range 1168 - 1150 ish (0.5 retracement, 50 dma and trend line from December)

Gold Daily Chart
Larger Image

 


I provide Technical and Elliott Wave analysis of different asset classes: Stocks, Equity Indices, Fixed Income, Currencies and Commodities at the website: http://www.thewavetrading.com/

 

Back to homepage

Leave a comment

Leave a comment