• 2 days The Shroom Boom Is Here To Stay
  • 3 days Biden Will Be A Boon For Solar Stocks
  • 5 days The Gold Rally Has Finally Run Out Of Steam
  • 5 days Citibank Analyst Predicts $300k Bitcoin By End Of 2021
  • 8 days Bitcoin Lives Up To Its Safe Haven Status In A Big Way
  • 8 days 14 Million People Will Lose Unemployment Benefits On December 31st
  • 10 days Why 12 Million American Millionaires Isn’t Good News
  • 11 days Big Oil Is Paying The Price For Investing In Renewables
  • 12 days The Banking Industry’s $35 Billion Gravy Train Could Disappear
  • 13 days Did Amazon Just Democratize Prescription Drugs?
  • 14 days The Private Space Race Just Got Very Real
  • 16 days Short Sellers Are Willing Big In This Turbulent Market
  • 17 days SpaceX Gets Go-Ahead To Send Humans Into Space
  • 18 days Saudi Arabia Lost $27 Billion In Oil Crash
  • 19 days China’s Big Tech Takes A Hit As Regulators Crack Down
  • 20 days Black Friday Could Be Retailers’ Only Hope
  • 21 days Why You Should Not Dump Your Stay At Home Stocks Just Yet
  • 22 days The Real Reason Why Uber And Lyft Stocks Have Soared Nearly 50%
  • 24 days Bitcoin Heads Towards $16,000 And No One’s Cashing In
  • 25 days Elon Musk’s $250 Tesla Tequila Is Already Sold Out
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…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

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,…

Contact Author

  1. Home
  2. Markets
  3. Other

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