Gold (GC) edged more than 0.5% higher Friday (on the June contract), appearing poised to retest the fresh 2024 and record high two Thursdays ago. Odds are now elevated for a Bull Flag extension by early May to upchannel resistance (on the weekly chart) and the psychologically key 2500 whole figure level…
Tag: SI_F
Silver (SI) Breaks to Highest Level Since Jun’21
Silver (SI) surged Friday with a daily Hammer, breaking to the highest level since June 2021. SI has in the past week decisively broken the downtrend resistance line connecting the April 2011 and February 2021 highs (as can be seen easier on a monthly chart on tradingview.com)…
Gold (GC) Closes Q1 @ Fresh 2024 High
Gold (GC) surged nearly 2% Friday (on the June contract) to a fresh 2024 and record high. Although GC may start the new quarter with healthy consolidation as it bumps up against uptrend resistance (on the weekly chart), GC is unlikely this week to slide back to the 2023 high…
S&P500 (ES) Weekly Chart Ascending Wedge Support Near Complete
The S&P500 (ES) slid more than 0.5% Friday, consolidating further as seen by last week’s second straight weekly Doji near the 2024 high. ES is looking increasingly fatigued and near completion on what is arguably an ascending wedge (on the weekly chart)…
Gold (GC) Closes February at Month High
Gold (GC) surged nearly 2% Friday, ending February at its month’s high and nearing the 2024 high formed early January. GC is now testing a Bull Flag consolidation resistance since August 2020 (as seen easier on a monthly chart on tradingview.com) which it had broke briefly above in December, and appears poised to extend the Bull Flag higher in March…
Silver (SI) Nearing Key 25 Level Going into 2024
Seasons Greetings! Silver (SI) edged lower Friday on healthy consolidation going into the holiday shortened final week of 2023. With SI back above a major triangle/downtrend resistance connecting the April 2011 and February 2021 highs (as can be seen easier on a monthly chart on tradingview.com), odds are elevated for an end to the year back above downchannel resistance (on the weekly chart) and the psychologically key 25 whole figure level…
Silver (SI) Tries Reclaiming Weekly Chart Downchannel Resistance
Silver (SI) edged almost 1% lower Friday on healthy consolidation after the strong gains off Wednesday’s December low. SI is now trying to reclaim downchannel resistance (on the weekly chart), which if successful, dramatically increases the likelihood of breaking within a week after back above the psychologically key 25 whole figure level and a major triangle/downtrend resistance connecting the April 2011 and February 2021 highs (as can be seen easier on a monthly chart on tradingview.com)…
GBPUSD Retests 61.8% Fib Retrace of Jul-Oct Slide
The GBPUSD surged nearly 100 pips from Friday’s low to high, trying to extend its upchannel (on the 4hr chart). The Bull Flag (on the daily chart) though is tiring as the GBPUSD bumps against the 61.8% Fib retrace of the Jun 2021 to Sep 2022 slide (as can be seen more easily on a monthly chart on tradingview.com)…
Gold (GC) Reclaims Key 2k Level
Gold (GC) edged higher Friday, closing just below triangle resistance (on the weekly chart). With GC nearing the November high and having reclaimed the psychologically key 2000 whole figure level, GC is near complete in its Bull Flag consolidation since August 2020 (as can be seen more easily on a monthly chart on tradingview.com)…
Gold (GC) Surges to May-Oct Downchannel Resistance
Gold (GC) surged more than 3% Friday, closing at downchannel resistance (on the weekly chart). With GC suddenly approaching the September high, odds are elevated for a test of the psychologically key 2000 whole figure level sometime this month…