The Bullion News & Commentary Continues...
Posted 04/16/2016 @2:43am - Last edited 04/16/2016 @3:02am
I posted the gold chart below, at the end of last week’s post, to show you Gold’s support and resistance levels to watch.
However, that is not the reason I am showing you this chart; I am showing you this chart to highlight one trend line in particular.
The next chart is an updated chart from 04/15/2016, in it I have isolated the rising trend-line shown in the previous chart.
As you can see on the chart below, Gold has continued to hold above this level, this is a good sign, however if it falls below it, the price of gold could go on to test $1200 support level.
That is the first thing to watch in next week gold’s chart.
chart courtesy of TradingView.com
In the next chart below, I want to show you a possible, very bullish pattern that could be forming in gold’s daily price chart.
What could be forming in Gold’s price chart is a reverse head and shoulder’s pattern.
I stress 'could' because this pattern hasn’t formed yet, plus, gold has to break above the neckline of the possible reverse head and shoulders pattern to be a bullish indicator.
Furthermore, before I go on to a positive movement that happened this week in Silver's price chart, I want to show you the last time I called a reverse head and shoulder's pattern.
But, just because I called that the reverse head and shoulders pattern below, doesn't mean I'm going to be right about this one.
just wanted to show you what I was seeing in gold’s chart; I for one will be keeping my
eye on this possible pattern, next week.
(below -> Gold Price Chart - January 6th, 2016)
There are a lot of factors in gold's chart that need to move in a positive way for higher price movement to be in its future.
Furthermore, as I mentioned before, gold needs to stay above the rising trend line or it may test its lower support levels.
Below is a chart of gold’s support and resistance levels.
Next, I want to show you a very positive move that silver did on Tuesday (04/12/2016).
On Tuesday 04/12/2016, Silver broke above a falling trend-line that silver's price has been following down since July of 2014.
It also broke above the $16.10 resistance level, turning it into a support level.
However, silver needs to stay above this level next week to confirm that it will continue to move higher.
There is one other very significant factor to point out to you about when silver's falling trend-line began.
The falling trend-line began after the Federal Reserve began to "Taper" QE, this was also when Oil began to fall in price.
Lastly, below is Silver’s chart of support and resistance levels to watch next week.
Lastly, I want to share this with you about all my analysis on the precious metals charts.
I will be as honest as possible with you on my perspectives and when I am wrong, I will admit it to you.
Furthermore, when I'm right I will try not to boast because I've learned the best boasting come from the mouths of others and not your own.
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