Gold – 16 Nov

Gold looks to be tracing out a short term consolidation triangle with lower highs and higher lows. The attractor for price appears to be support/resistance at 1775. Stochastic has lost the embed with the K line falling below 80. This targets the nearest moving average as a possible support zone. This is the 18 day moving average and price actually kissed it during the session and rallied higher. Resistance is the 1775 area that has traded for the last 6 days.

I like a move to the top of the trend channel and the Bollinger band near 1820. I still believe we will grind higher for next 4 weeks or so. A swing high better than 1800 re-establishes a short term uptrend on the chart with a higher high to go along with the higher low. RSI has plenty of upside potential and the Bollinger bands are narrowing once again. The fundamentals look strong as always for higher prices. Of course as a Freegolder I could care less, I buy when I get enough fiat together for a purchase. I will not sell until gold reflects its true value undiluted by fictitious paper gold supply. When we get a strong correction I borrow to buy physical.

So buy physical and be happy. Trade to gamble and invest to save your wealth.

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

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