dinsdag 6 juni 2017

Gold Breaks Major Resistance Trendline

Having spiked to just shy of 2017 highs, gold has broken the major trend across the highs since Jul. ’16 at 1,281. It’s also through a longer-term trendline formed across the highs since Sep. ’11 (1,274). As a result, according to Goldman's chief technician Sheba Jafari, the next big pivot area in focus is up at 1,304-1,315. Jafari adds that "this includes two separate ABC targets from March and May. Given the overlapping/corrective nature of the run up since December, there’s a good chance the market could hold below this area. Moreover oscillators are already at the range highs and looking stretched."
# Bottom line, need to be careful of any/all signs of a top near 1,304; need a break higher than 1,315 to suggest potential for a more meaningful advance. Anything back underneath 1,281 signals some near-term weakness. Daily Chart...