Tuesday, January 21, 2014
Using EMA for a panic point for gold
Well, gold's down to $1237.10 as of me writing this, so the uptrend may soon be threatened no matter what I think, so I need to determine when to up the readiness level to Defcon 2.
So here's a chart:
Uptrend is threatened at $1236 or so. Then again, who's left to panic-sell gold? And who's left to panic-sell miners?
I'm not too worried, since gold already took its SMA(50), failed, bounced down to a clean retest of EMA(16) support and then broke back above the SMA(50). And today's weakness so far is just a preopen move on Tuesday morning after a Monday holiday.
But still, the chart is the chart.
I'm thinking any gold weakness would just provide a change to buy the dip. So I'm sure other dolts are thinking the same thing.