All moving averages have some failed signals, but the 6,90 is very good at highlighting the start of massive moves in the price of gold… and a positive signal is in play now.
Moreover, as we turn to Gold’s weekly bars from one year ago-to-date, the blue-dotted parabolic Long trend continues to ascend such that we continue to seek..
Gold is stuck not too far from its recent highs. That is not too bad. Gold's trend and bias are down short-term but the market is oversold..
Sharp rise from the day’s low yesterday suggest that traders will prefer to go long in gold and silver and short the US dollar index before key US economic data..
Central bank buying continued in February with global gold reserves up by 52 tons, higher for the 11th consecutive month. January and February net purchases totaled 125 tons, the strongest start to a year since 2010.
Investing is one of the most difficult industries to get rich at, but not getting rich slowly. The biggest mistake many novice and other investors do is try to get rich quick.
Markets are trying to go higher but face headwinds. Last week was quite mixed as we are starting to see signs that the economy could be slowing but also are sometimes surprised at unexpected strength.
My gut feeling is that the increasingly volatile stock market is close to an important top.
Are you watching what is going on in Chile? This is what bothers me about Gold on the weekly charts and what I am looking for.
Positions as of 18 April, 2023.