Gold – 21 Sep

Gold went essentially nowhere today and nothing was resolved on the chart. The FOMC announcement was a dud and offered nothing as far as surprises go. The stock market was not pleased that there was no new money being injected, just moved from one place to the other. The only thing up on the day was bonds, knowing that the Fed was going to be buyers for some time to come. Yields on the 30 year dropped to the lowest level since 2009.

A higher low is no confirmed on the chart making it neutral. To create a new short term uptrend the 1832 swing high must be taken out. That is where resistance is with support at 1770. The Bollinger band and the 45 day moving average are converging and provide additional support around 1750. RSI is neutral and stochastic has fallen deeper into over-sold territory. I was thinking today was the day to see resolution as to which triangle was going to validate, but tomorrow is most likely now. I still believe the 1705 swing low holds.

Here’s PHYS, the 100% allocated gold bullion fund. Very little change in price on the day, but a higher high was put in by 1 cent. So technically speaking the chart is neutral with a higher high and a lower low in place. Resistance is the swing high at 16 and support is the swing low at 15.44. The 50 day moving average and the Bollinger band are both providing additional support at 15.16. As with gold, I see the swing low of 14.42 holding and a likely reversal at the 50 day moving average.


This entry was posted in Gold, Matrix Sentry TA, PHYS, Technical Analysis. Bookmark the permalink.

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