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 Medium Term Technical Chart

16 Feb 2016 8:55 AM | Bill Downey (Administrator)

Gold Medium Term

Long Term Trend ~ Bearish since Oct 2013 @ 1361

Long term Moving averages 1224 – 1312

Medium Term Trend ~From bearish to NEUTRAL IS WE CLOSE ABOVE 1132 in February.

Moving Averages 1120-1132

The big news technically is the dual downtrend yellow line got taken out and prices exploded to just under the 38% retracement area in gold. That is the last resistance on the weekly chart until the 1309-1322 and then near 1400

As long as we remain above the moving averages (1120-1132) the uptrend that started in 2016 remains in play. Since April of 2014, we have listed at the top of the report that we need a monthly close above 1255 in order to come out of bearish mode and move to neutral. The weekly close was 1247 last Friday (intraday was 1263).

PULLBACK SUPPORT IS THE FIRST YELLOW LINE AND WE SHOULD SEE OUR FIRST SUPPORT ATTEMPT THERE near 1180-1200. IF we hold that dual yellow line, gold’s upside will still have potential for a total medium term trend chance.

In summary, the top dual yellow line is support, in between the lines is neutral and a close BELOW THE LOWER DUAL YELLOW LINE will put KEEP the bear trend in gold still in play. Look for the upper dual yellow line to provide SUPPORT and then we’ll see if gold can mount an attack back above 1222-1238.




Technical Analysis :: Gold & Silver

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