Gold has been under quiet accumulation since last August, as shown on the following daily chart.
The moving averages formed a new bullish Golden Cross several days ago. The RSI and MACD indicators are in uptrend, the RSI is still above 50.00, and the STOCH has just made a bullish crossover.
Price on the following daily ratio chart of GOLD versus its Volatility Index (GOLD:GVZ) has just broken above its near-term major resistance around the 120.00 level.
Both the MACD and PMO indicators have put in a higher swing high, while the RSI has yet to do the same; however, it's still above the 50.00 level.
Should the ratio price remain above 120.00 and continue its rally, I'd like to see the RSI also make a new swing high. If that scenario occurs, there's a very good chance that GOLD could explode much higher in the days/weeks ahead. Near-term minor price resistance is around the 1360 level, followed by 1400 and 1550 major resistance, as shown on the weekly chart below.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Feb. 19 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Wed. Mar. 4 @ 2:00 pm ET ~ Beige Book Report
* Fri. Mar. 6 @ 8:30 am ET ~ Employment Data
* Wed. Mar. 11 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Tues. Mar. 17 @ 8:30 am ET ~ Core Retail Sales & Retail Sales
* Wed. Mar. 18 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events