Where is gold headed?
I have a percentage of my savings invested in gold (with a 10+ years objective). I acquired my gold back in 2008, just before it skyrocketed to $2000 per ounce, just to be immediately hammered in 2011, retracing 50% of its incredible rise of 2004-2011.
Gold touched 3 time $1 180 and bounced on it 3 times, even though the USD is on fire. Since October 2014 gold has been hovering around this strong support zone, between 1 140 and 1 200.
On a monthly/weekly chart, gold is obviously bearish as hell. But! A daily chart had me hope again. Since the low of last November 5 at 1 130, the precious metal has made higher lows and higher highs, so has the RSI, with very low trading volume. It has breached above its daily ichimoku cloud and the tenkan -trigger- line is above the kijun -base- line.
Gold needs to close above 1 240 for anything to happen. That's the previous high of December 9, 2014, as well as a monthly resistance and the 200 day moving average.
Of course, for a large scale counter-trend move on gold to happen, we need to see something new on the US dollar chart. And there is no such thing right now. The USD is bullish big time and
unstoppable. What's more, the huge green cloud still looks solid despite the RSI making lower highs in the overbought zone.
I have a percentage of my savings invested in gold (with a 10+ years objective). I acquired my gold back in 2008, just before it skyrocketed to $2000 per ounce, just to be immediately hammered in 2011, retracing 50% of its incredible rise of 2004-2011.
Gold touched 3 time $1 180 and bounced on it 3 times, even though the USD is on fire. Since October 2014 gold has been hovering around this strong support zone, between 1 140 and 1 200.
On a monthly/weekly chart, gold is obviously bearish as hell. But! A daily chart had me hope again. Since the low of last November 5 at 1 130, the precious metal has made higher lows and higher highs, so has the RSI, with very low trading volume. It has breached above its daily ichimoku cloud and the tenkan -trigger- line is above the kijun -base- line.
Gold needs to close above 1 240 for anything to happen. That's the previous high of December 9, 2014, as well as a monthly resistance and the 200 day moving average.
Of course, for a large scale counter-trend move on gold to happen, we need to see something new on the US dollar chart. And there is no such thing right now. The USD is bullish big time and
unstoppable. What's more, the huge green cloud still looks solid despite the RSI making lower highs in the overbought zone.
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