If you look at the chart closely, you can see the defensive fortification being erected by the bears. So far the market refuses to break down but it is stalling out a bit here and will need to quickly push past $1700 soon or we will see some short-term oriented day trader types start looking for the exits.
Notice that I am including the RSI indicator merely to show that it too is stuck below the 60 level, indicating the continuation of a consolidative (sideways) type of trading pattern in the metal. Until we get a clean break of 60 on this indicator, and preferably a run past 65, the pattern is sideways within a defined range of $1695 - $1700 on the top and $1665 or so on the bottom.
Thnx for the insights Dan ..totally agree. If you look at gold on a 4 hour chart it also shows it has reached the 88.6 fib RT level after it made the big move down..so I also expect some movement to the downside
ReplyDeleteDan,
ReplyDeleteI do appreciate your blog and your comments (ALL of them!)
What I still do not understand is why I (we) should follow all the charts, study the fundamentals... when we know it is a rigged game. The guys in charge -for now- are in charge and they will paint anything they want, knowing what all of us, and even more professional analysts/players like you are looking for/checking/analysing/charting...
Your comment about the "Complacency Index at 69 Month Low!" is showing us that despite the huge issues going on the average investor is not aware of the -should I dare use the word again- manipulation.
I have been trying to check how much trading is done by hedge funds vs retail but have not been able to get it. Would you have the number?
Anyway thank you again for your hard work.