Monday, March 14, 2016
three bad gold charts... wait, what?
Gold's still over US$1240, which is still one hell of a lot better than what that clown Jeffypoo Currie has been predicting over the past year. Heck, it looks like the December 2014 poll participants are going to finally be right, though a year late.
Still, these non-USD charts are a bit concerning:
Gold's gone nowhere in CAD for a month. And it's ominously close to breaking CAD$1650 support.
The drop through EMA to the Bollinger Mean may simply mean gold's decided to take a short rest in Euros, but the MACD cross and RSI drop below 60 say it could be done this move and recouperating for the next one. Certainly it's spent too much time above the SMA(50), and a drop at least to €1060-€1080 is possible without any damage to the secular uptrend.
And gold also looks done in GBP. Again, RSI and MACD suggest the excitement is over, and exhaustion may see it fall to £820-£840.
Them's the charts, it is what it is, and if nobody believed in charts then people couldn't make $100k/yr writing TA newsletters, could they?