Now that GDX the miners has fallen into the target box I gave a few days ago (see link below) I wanted to take a look at gold as well. Longer term I am expecting to to break out above the overhead resistance but it could take awhile given the amount of resistance ahead (see weekly chart.) To me it is interesting that the weekly RSI had a long term bullish divergence (solid line) then followed by a positive reversal (dashed line). But this is countered by a long term negative reversal (black dashed line). So there could be a lot of bouncing. On the daily chart we seem to have "V" bottom with breakout and target drawn. But we have a bearish divergence in the daily RSI suggesting possibly some near term pullback. So me overall although I favor the trend will go up it is a confusing picture. So I personally will be going with the miners when we get some positive signs. Feedback always welcome.
@jangseohee, great charts. You "look" differently than I do but often with similar consequences. That's cool. Really appreciate you taking the time to share with me. Have a great rest of the week and weekend.
jangseohee
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@goodguy,
always wonderful to look at your charts, simple and easy to understand
i m trying to do a top down approach from monthly to daily.
lets play by the ear, i have not been trading gold for quite sometimes
maybe you can post a silver chart ^_^
weekly 200ema is formidable force of resistance?