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...]

Silver Chart Analysis

As we've already looked at gold this weekend, let's take a very quick look at silver: Here's the silver daily chart. Silver has been in a downtrend for the last two and half weeks. The MACD indicator is bearish with both lines pointing downwards and the signal line above the MACD line. The ADX indicator is also bearish with the red -DI line above the green +DI line. Silver closed out … [Read more...]

Taking A Look At Gold

Here's the daily chart of gold: Looking at the ADX indicator, you can see that the negative DI line is now firmly above the +ve DI line, clearly showing that bears are in control. The MACD indicator is also negative, having crossed over its signal line just before the end of January. Both lines are pointing downward, a bearish sign. The histogram is also getting larger, showing the … [Read more...]