by Bill Downey     Price Analysis of Gold and Silver
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Technical Analysis Trading Gold, Trading Silver/ analysis By Bill Downey providing key turning points & charts for investors and speculators in Precious Metals Trading, and Precious Metals Markets

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Gold and the medium term price chart

06 Jan 2016 12:06 AM | Bill Downey (Administrator)

Gold Medium Term

Long Term Trend ~ Bearish since Oct 2013 @ 1361

Long term Moving averages 1230 – 1330

Medium Term Trend ~bearish

Moving Averages 1126-1147

We have been calling for a low to develop in gold between Oct 2015 and June 2016. We are now in the window to turn the trend. Now price has to perform in order to complete the bottom. Until we get two monthly closes above the moving averages and that dual yellow downtrend line, the trend is still down. On the other hand, we have tested where there is three major support lines and we have just supported on our first RED LINE on the chart. Long term readers know those lines have been on this chart for over 5 years. Those red lines are the IDEAL price range for “the low” to occur. The first clue that the real “low” is in place would be for gold to get two monthly closes above the dual gold downtrend lines. Another clue will come when the BLUE moving averages close above the red average with price above both. In summary, price and time are finally coming together for the “low” to develop.

Gold closed the year above the first red uptrend line. As long as we are above that line, it is possible to rally toward the dual yellow downtrend channel line into Mid-Frebruary.




Technical Analysis :: Gold & Silver

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