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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Bill Downey, of Gold Trends.net, LLC, is an Independent Investment Analyst with over twenty years of study. YOU SHOULD NOT TAKE ANY MATERIAL posted on this WEBSITE AS RECOMMENDATIONS TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED. Do your own due diligence. No one knows tomorrow's price or circumstance. The author intends to portray his thoughts and ideas on the subject which may s be used as a tool for the reader. GoldTrends does not accept responsibility for being incorrect in its speculations on market trend or key turning points that it may discuss since they are at best a calculated analysis based on historical price observations.

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Gold and the medium term chart view

28 Jul 2017 8:30 AM | Bill Downey (Administrator)

Medium Term TREND ~ NEUTRAL- (Moving averages (Red) 1229-1224 (Blue)

We discussed last week  with our subscribers that the potential that gold has made a summer low was possible. The test of 1205 the previous week and the bounce back above the moving averages kept the potential alive that gold can move higher from here. The key has been and remains the 2011 downtrend line. A close above 1262-1272 for 2 consecutive weeks would be a bullish turnaround factor of high degree. Price is once again knocking at the door of piercing the line.

As we also said on the last update, if there’s any good news, it’s that a JULY/AUG low in gold (instead of the highs we have been getting) would be more in script of a bullish set up. Now once again gold is at the line. Odds favor a close above 1262-1272 this week would have us turning bullish on the medium term trend and favor that the summer low is in place with gold moving higher the 2nd half of this year.


Summary - THE OVERALL bottom line for now is that the downtrend that began in 2011 is being once again tested. A close above 1272 on 2 consecutive Friday's should be enough for us to favor the downtrend line has been finally taken out.



Technical Analysis :: Gold & Silver

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