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A Purrrfect Gold Price Setup! - Peter Degraaf (31/05/2018)

A Purrrfect Gold Price Setup! - Peter Degraaf (31/05/2018)
By Peter Degraaf 1 years ago 1881 Views 1 comment

May 31,2018

Featured is the weekly gold chart. The green arrows point to ‘upside reversals’, developing after price dropped below the 50WMA. The blue arrows point to a positive follow-through, following an upside reversal. A similar situation back in December enabled gold to rise for 5 out of 6 weeks! The current rise has the potential to jump above the $1365 resistance area with a target at $1395. The RSI is neutral, but the A/D line is positive.

Featured is a longer-term gold chart. The pattern is a bullish inverted 'head and shoulders' formation (green blocks). A breakout at the blue arrow sets up a target at the green arrow. The RSI is at support and the A/D line is rising. The moving averages are in positive alignment (green oval), and the 50WMA (blue line) is rising.

Featured is GNX the commodity index. Price is rising inside the blue channel. A short-term pullback from overbought conditions is coming to an end. The supporting indicators are ready to rise up from support levels. The moving averages are in positive alignment and rising, (green oval). This uptrend supports the entire commodity complex, including the precious metals sector.

DISCLAIMER: Please do your own due diligence. Peter Degraaf is NOT responsible for your trading decisions.



Peter DeGraaf

Peter Degraaf was for many years a coin dealer - attending coin shows all over the USA and Canada. Upon retiring from the coin business, Peter used his investing experience to develop as a technical analyst. His specialty is the combining of fundamentals with charting.


The author is not affiliated with, endorsed or sponsored by Sprott Money Ltd. The views and opinions expressed in this material are those of the author or guest speaker, are subject to change and may not necessarily reflect the opinions of Sprott Money Ltd. Sprott Money does not guarantee the accuracy, completeness, timeliness and reliability of the information or any results from its use.

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