Gold (GC) is consolidating after yesterday’s massive near 3% surge, breaking above descending wedge resistance (on the weekly chart). GC is in the advanced stages of forming a major bottom and is suddenly closing in on the October high.
Tag: GC_F
Silver (SI) Consolidates Just Below Key 20 Level Ahead of FOMC
Silver (SI) is consolidating after yesterday’s near 3% bounce to the psychologically key 20 whole figure level. SI appears to be in the advanced stages of forming a major bottom after a higher October high/low versus the September high/low…
Silver (SI) Weekly MACD Positively Crossing
Silver (SI) is consolidating after Monday’s massive surge above descending wedge resistance (on the weekly chart). Although SI has made its major bottom, healthy profittaking for the balance of the week is likely as it bumps up against the August high as well as ascending wedge resistance (on the 4hr chart)…
Silver (SI) Testing Weekly Chart Descending Wedge Resistance
Silver (SI) is consolidating for a 2nd straight day, hesitating after bumping up against descending wedge resistance (on the weekly chart). Any break of upchannel support (on the 4hr chart) today will deepen SI’s profittaking…
Natural Gas (NG) Weekly MACD Trying to Negatively Cross
Natural Gas (NG) is slowing in its slide from its 2022 high in August near the psychologically key 10 whole figure level, with a bit of short covering likely ahead of Thursday’s widely anticipated weekly storage. Nevertheless, NG appears vulnerable to deepening in its consolidation post-storage below the August low…
Gold (GC) Nearing 2022 Low Ahead of NFP
Gold (GC) is trying to halt the slide from the August high but remains vulnerable to drifting back to the 2022 low (formed in July). Any break though above descending wedge resistance (on the 4hr chart) ahead of the weekend will dramatically increase odds for a weekly close above descending wedge resistance (on the weekly chart) sometime in September…
Natural Gas (NG) Weekly Gravestone Rejected @ Key 10 Level
Natural Gas (NG) reversed more than 5% lower yesterday after getting rejected at the psychologically key 10 whole figure level. NG is suddenly forming a weekly Gravestone after just having reached a fresh 2022 peak yesterday, and is vulnerable to more healthy profittaking ahead of and following Thursday’s widely anticipated weekly storage…
Silver (SI) Weekly MACD Trying to Positively Cross
Silver (SI) is consolidating just above descending wedge resistance (on the weekly chart), making progress in its efforts to form a major bottom. Another weekly close above the psychologically key 20 whole figure level will dramatically increase the likelihood of a test sometime in August of the 38.2% Fib retrace of the March to July slide…
Silver (SI) Consolidating Above Weekly Chart Descending Wedge Resistance
Silver (SI) is consolidating just above descending wedge resistance (on the weekly chart), making progress in its efforts to form a major bottom. Another weekly close above the psychologically key 20 whole figure level will dramatically increase the likelihood of a test sometime in August of the 38.2% Fib retrace of the March to July slide…
Gold (GC) Nearing Weekly Chart Upchannel Support
Gold (GC) is tiring near upchannel support (on the weekly chart), putting at risk the rally extension since February. Any break of the daily chart triangle support will likely coincide with a test of the psychologically key 1900 whole figure level and the 50% Fib Retrace of August to March rally extension…