From a technical perspective, gold was likely due for a noticeable pullback judging by the red-hot relative strength index (RSI). The RSI has been increasingly sending an ‘overbought’ signal due to the 13 percent runup in the commodity since bottoming August of last year. As such, the selling in gold could be viewed as a healthy ‘reversion to the mean’ with prices consolidating back towards its moving average. Although, gold bulls were ...
The breakout above yearly down-trend resistance in Gold has fueled a rally of nearly 4% off the monthly lows with the advance failing just ahead of a key resistance range in price. These are the updated targets and invalidation levels that matter on the XAU/USD charts. more...
Spot Gold: Retail trader data shows 83.7% of traders are net-long with the ratio of traders long to short at 5.15 to 1. The number of traders net-long is 5.8% higher than yesterday and 6.0% lower from last week, while the number of traders net-short is 15.7% lower than yesterday and 19.6% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue ...
Spot Gold: Retail trader data shows 69.7% of traders are net-long with the ratio of traders long to short at 2.3 to 1. The number of traders net-long is 15.4% higher than yesterday and 0.3% higher from last week, while the number of traders net-short is 28.2% lower than yesterday and 10.0% lower from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue ...
The gold price trends have been sloppy since December 2016. That sloppy behavior is evidence of a three-wave move, a correction. Therefore, the current increase in gold prices may not last long. The break above $1357 eliminates the near term triangle possibility and indicates the rise since December 2016 is a large ‘B’ wave. ‘B’ waves tend to be sucker waves that are sloppy and overlapping and the trend for the past year fits that description. ...
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