Gold…Daily, Weekly and Monthly Analysis

Peter's Commentary: Here's the daily chart of gold: A reverse head and shoulders pattern is currently in play. Gold broke up from the blue neckline early in January, and then late last week came back down to the neckline. This is a classic head and shoulders pattern that is seen at market bottoms. These normally have about a 90% chance of working out. The upside on this pattern is at … [Read more...]

Gold – Bull Or Bear?

Let's start with the daily chart from this weekend: Inspecting the daily chart shows the following: 1. Gold has been in a strong uptrend since the beginning of the year. 2. For the ADX indicator, the + DI line is above the - DI line, showing that the bulls are in control. However the + DI line has just turned down slightly and met the black ADX line. This can be taken as a warning to … [Read more...]