How about that...since I wrote my post of January 23, GOLD Futures (GC) finally hit just above its target price of 1550 on August 26...and it carried on to make a 2019 high of 1566.20 on September 4, for a gain of 21.58% from that date.
The moving average Golden Cross, that had just formed a couple of days prior to that, held, price retested the 200 MA (which is normal after these form), and the formation is still in play, as shown on the following daily chart of GC.
The following two monthly charts show that major resistance lies at 1600, while near-term support sits at 1450.
Although price looks overextended according to the RSI, MACD and STOCHS indicators, and it has run up against the top of its long-term rising channel, we may see momentum drive price higher, depending on what happens with the fallout from the Saudi Arabia oil refinery attack this past weekend, about which I've written here.
In the short term, keep an eye on the daily RSI, MACD and STOCHS for clues on price direction and strength. They're mixed at the moment, but, if the RSI breaks and holds back above 50.00 and if we see upside crossovers of the MACD and STOCHS that hold, then we should see higher prices. At the moment, GC is sitting just above the 50 MA, which is providing near-term minor support.
1600 happens to be the Upper Value level of the Volume Profile shown along the right-hand side of the last chart. An escalation of Middle East military action could easily propel GOLD to that level, or much higher.
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. Oct. 16 @ 8:30 am ET ~ Core Retail Sales & Retail Sales
* Wed. Oct. 16 @ 2:00 pm ET ~ Beige Book Report
* Wed. Oct. 30 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
* Fri. Nov. 1 @ 8:30 am ET ~ Employment Data
* Wed. Nov. 13 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. Nov. 20 @ 2:00 pm ET ~ FOMC Meeting Minutes
*** Click here for link to Economic Calendars for all upcoming events