"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 14 hours Is This The Death Of The iPhone X?
  • 15 hours Is London Still The Financial Capital Of The World?
  • 16 hours Is Gold Staging A Comeback?
  • 17 hours The $200 Million ‘Golden Parachute’ For Rupert Murdoch
  • 18 hours Bitcoin’s Breakout Is Not As Bullish As it Seems
  • 20 hours Farmers On Edge As Trade War Hits U.S. Grain Shipments
  • 22 hours Is Silver Poised For A Massive Break Out?
  • 2 days Meet The Hedge Fund Billionaires Club
  • 2 days The Next Housing Crisis Could Be Right Around The Corner
  • 2 days Cartel's, Pirates And Corruption Cost Mexico $1.6 Billion Per Year
  • 2 days Africa’s Fastest Growing Economy
  • 2 days The Blockchain Boom Hits The Utilities Sector
  • 2 days Why Smart Money Is Selling Off Right Before The Bell
  • 2 days Tech Giants Rally Ahead Of Earnings Reports
  • 3 days Global Debt Hits 225% Of GDP
  • 3 days The World’s First Trillionaire Will Be A Space Miner
  • 3 days How Student Debt Could Cause The Next Real Estate Crisis
  • 3 days This $550 Billion Industry Is Betting On Bitcoin
  • 3 days One Commodity Set To Soar On Russian Sanctions
  • 3 days China’s New Car-Market Rules
3 Stocks to Watch This Earnings Season

3 Stocks to Watch This Earnings Season

Stocks began Friday with a…

Is This The Death Of The iPhone X?

Is This The Death Of The iPhone X?

Apple’s stock has slipped more…

Tech Giants Rally Ahead Of Earnings Reports

Tech Giants Rally Ahead Of Earnings Reports

Earning season has just begun,…

Florian Grummes

Florian Grummes

Florian Grummes is studying and trading the Gold market since 2003. Parallel to his trading business he is also a very creative & successful composer,…

More Info

The Midas Touch Gold Model – Update 26th of June 2017

Our Midas Touch Gold Model remains in neutral/sideways mode.

While the "CoT-Report" signal improved to neutral we got two new sell signals. One comes from the SPDR Gold trust Holdings. The other one is likely more important and was issued by the US-Dollar who seems to get ready for a bounce/recovery over the coming weeks. A stronger dollar should at least limit the precious metals sector for a couple of weeks.

 

(Click to enlarge)

Technically gold was able to bounce off the 1,240 USD level. The triple support zone consisting of the 200-moving average, the lower daily bollinger band and the uptrend line since last December did hold as expected.

The only problem gold´s daily chart is facing right now is the bearish embedded stochastic. This might change in the coming week opening the chance for another attack towards 1,280/1,290 USD. Otherwise gold will likely test 1,240 USD again and probably break lower towards 1,220/1,210 USD.

In the bigger picture gold is running into the apex of a huge triangle pattern. The breakout will happen soon - probably until mid of August. Generally a triangle can break either to the up- or downside but I am pretty sure that gold will finally push through the six-year downtrend line and start the long awaited run towards 1,500 USD in the second half of 2017.

By Florian Grummes for Safehaven.com

Back to homepage

Leave a comment

Leave a comment