Dip, Dip, Dip, Buy?
Back and I love it, this dip is the excitement we have needed in the Gold market, I have now eventually manged to implement my first chart, I was fully baffled for time trying to sort this but it just makes explaining movements in the Gold and USD/JPY market so much easier for everyone including myself, anywayyyyyy.
This chart shows Golds movement over the last week or so, and there has indeed been some substantial shifting. This dip isn't completely surprising, using the RSI below we can see on Monday Gold was hugely overbought, going above the 80 mark on the RSI and thus a correction was imminent. Monday had little releases worth watching and the lack of substantial fluctuation isn't surprising, by close Gold was down to $1313.
Tuesday for releases was much busier, we had two big events from the US which were their Core Retail Sales and Retail Sales, both monthly. These results were both slightly underwhelming, each coming in at 0.3%. But the consequences on the precious metal were limited and much of Tuesday's drastic decline was a result of the gaining US Dollar. Below we can see the USD/JPY market and the bull is still in play, gains, gains and more gainssssssssss. But this means Gold will continue to fall the other way, and fell about $25 throughout Tuesday's trading period, damnnnnnn. For the first time in a while we see the precious metal below the $1300 mark and thus we saw new 2018 low for Gold on Tuesday.
Slight slight gains were made for Gold during Wednesday's trading in the morning period due to the drastic halt in North Korean peace talks, not really too surprising to see Kim do this. The main release of Wednesday was the US Building Permits, holding on Forecast at the 1.35m position, so nothing too exciting happened as a result. But Gold's early gains were quickly destroyed by the Dollar, by close Gold was down even further, sitting at $1290.
Basically all the fun action happened on Tuesday to be honest so I am sorry but nothing too crazy for Thursday and Friday. The RSI for the two final days of the week highlighted this point, we saw much lower fluctuation, barely falling outside the upper and lower bands as well as a slight fall in volume as it looks investors are waiting to see whether the $1290 is a hold position before a bounce. I don't see any point in explaining the releases because of lack of action.
Above I had put in a horizontal showing the floor(black line) and a trend line(red) which I believe are the pinnacle points. Right now Gold has shifted into the Upper Bands on the RSI and this is dangerous, so because of this I expect a decline below the trend line, hovering between the horizontal and trend before today's close. Yet today is a crucial day, I reckon we shall have continued movement, but if we hit the horizontal I believe a further decline will be seen but who knows really?
Peace.
The Naive Trader.
Forex Factory, 2018.
IG.com, 2018.
Investing.com, 2018.
Tradingview, 2018.
This chart shows Golds movement over the last week or so, and there has indeed been some substantial shifting. This dip isn't completely surprising, using the RSI below we can see on Monday Gold was hugely overbought, going above the 80 mark on the RSI and thus a correction was imminent. Monday had little releases worth watching and the lack of substantial fluctuation isn't surprising, by close Gold was down to $1313.
Tuesday for releases was much busier, we had two big events from the US which were their Core Retail Sales and Retail Sales, both monthly. These results were both slightly underwhelming, each coming in at 0.3%. But the consequences on the precious metal were limited and much of Tuesday's drastic decline was a result of the gaining US Dollar. Below we can see the USD/JPY market and the bull is still in play, gains, gains and more gainssssssssss. But this means Gold will continue to fall the other way, and fell about $25 throughout Tuesday's trading period, damnnnnnn. For the first time in a while we see the precious metal below the $1300 mark and thus we saw new 2018 low for Gold on Tuesday.
Slight slight gains were made for Gold during Wednesday's trading in the morning period due to the drastic halt in North Korean peace talks, not really too surprising to see Kim do this. The main release of Wednesday was the US Building Permits, holding on Forecast at the 1.35m position, so nothing too exciting happened as a result. But Gold's early gains were quickly destroyed by the Dollar, by close Gold was down even further, sitting at $1290.
Basically all the fun action happened on Tuesday to be honest so I am sorry but nothing too crazy for Thursday and Friday. The RSI for the two final days of the week highlighted this point, we saw much lower fluctuation, barely falling outside the upper and lower bands as well as a slight fall in volume as it looks investors are waiting to see whether the $1290 is a hold position before a bounce. I don't see any point in explaining the releases because of lack of action.
Above I had put in a horizontal showing the floor(black line) and a trend line(red) which I believe are the pinnacle points. Right now Gold has shifted into the Upper Bands on the RSI and this is dangerous, so because of this I expect a decline below the trend line, hovering between the horizontal and trend before today's close. Yet today is a crucial day, I reckon we shall have continued movement, but if we hit the horizontal I believe a further decline will be seen but who knows really?
Peace.
The Naive Trader.
Forex Factory, 2018.
IG.com, 2018.
Investing.com, 2018.
Tradingview, 2018.
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