Gold Chart WEEKLY/ MONTHLY Technical Analysis hub

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silvernomics
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Gold Chart WEEKLY/ MONTHLY Technical Analysis hub

One of the best things about Turd's efforts are his Technical Analysis (TA) insights (chart-reading, for newbs).

There are a number of well-known and competent technical analysts out there who post on various forums, and you might yourself be a dab hand at applying fibs and lines and so on.

So let's use this thread as a place to gather up all the latest good technical analysis on the Gold Weekly and Monthly charts, with charts and links if need be.

I'll do a separate thread for the Daily and Hourly.

Edited by admin on 11/08/2014 - 06:31
silvernomics
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Here's Przemyslaw Radomski's

Here's Przemyslaw Radomski's current view of the weekly chart:

http://news.goldseek.com/GoldSeek/1308075111.php

He sees gold moving to the upper border of the long term trend channel, indicating a downward reaction.

silvernomics
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I don't want to tread on

I don't want to tread on anyone's toes, but MAXTRIXSENTRY has posted some great weekly TA. I hope he doesn't mind if I c&p it here, for the purpose of consolidating the Turd forum TA:

From MatrixSentry:

It is useful to look at the long term view from time to time to maintain perspective, and the weekly chart is a good place to get that view. What really stands out is the perfect trend channel established and maintained since the bottom was formed in 2008. All corrections have been on the order of 10% or so and have followed periods where RSI generally achieved very over-bought conditions with readings as high as 80. The corrections when they do occur never reach the 45 week moving average, instead they find support nearer to the 18 day MA (dotted gray). RSI during the corrections finds support at the 50 level and MACD at the 20 level. Only once has the bottom Bollinger band been touched during a correction. Never have the previous swing lows been taken out, and only once was the previous high violated to the downside, and just barely when it did. Stochastic either just breached 50 then reversed or momentarily kissed 20 before reversing. It never embedded below 20 or remained below 50 for any appreciable amount of time.

So where are we now? RSI is already at 66 and declining and assuming 50 will be the floor again, we are halfway there from a high of 80. Previous swing high resistance that has turned to support is at 1425, we expect this level to hold during a correction. Look where the bottom line of the trend channel is and where it meets that price level in the future. Can you see price correcting to that point and would it create a similar path to what we have seen so far in this 3 year trend?

The 18 week MA is still climbing and will level off during a continued correction. Notice the 18 week MA has never rolled over and declined. Now picture the slope declining but never going negative. That effectively puts a floor under the current 18 week MA at 1467, and likely higher because it is still climbing at a steep slope. The previous major swing low is 1310 and I do not expect that to even be approached. The bottom Bollinger band is above that level and is currently at 1351, but it also is still climbing rapidly toward the 45 week moving average (blue). That 45 week MA has never been touched during a correction and is currently at 1384. Considering all of the above, I believe the somewhere near the previous swing high of 1425 will be where any real correction ends and reverses higher to a new swing high. This would amount to approximately a 10% correction from the all time high.

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Thanks silvernomics!

silvernomics wrote:

I don't want to tread on anyone's toes, but MAXTRIXSENTRY has posted some great weekly TA. I hope he doesn't mind if I c&p it here, for the purpose of consolidating the Turd forum TA:

No problem whatsoever, I am pleased you see some use in the chart. I hope the administrator can make make a thread such as this "sticky" where it will remain at the the top of the thread list. TA is always best when you can get more than one set of eyes on it. This thread has real potential not only as a forecasting tool, but more importantly as an educational tool.

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silvernomics
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Cheers MS. I think so. The

Cheers MS.

I think so. The best way to learn TA is not to pour over those daunting fat textbooks showing you patterns from the 1975 corn market, but to look at as many analyses as possible of what is happening in markets that matter to you right now, to develop your own feel for what to look for and prioritise.

I have picked up a fair bit over the years just looking at the charts posted by the usual suspects on the usual websites. Clive Maund is one example. I think it would be really great if members concentrated a multiplicity of interpretations all in one place, for comparison purposes.

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Look at this beauty!

Another favorite chart of mine when someone asks if gold has topped and is risky here. LOL! YGTBSM. Look at this monster chart for a minute and let it soak in. Are we sailing into a brave new world or what? Do you think the dollar and our debt based monetary system will survive where this parabolic chart is headed?

Notice how the trend lines are getting steeper and steeper? Notice how once a trend line is established it is never violated to the downside? Follow the latest trend line until it intersects the Y axis at essentially today’s date. What is the value of gold at that point? Looks like 1425 to me. So if this chart trend that has been in place for 10 years continues, 1425 is the limit today and we would need to see it happen right away in the next 2 weeks. Otherwise, this green trend line continues to climb and therefore intersect future dates at higher levels. The 45 week moving average in blue has provided support all the way back to 2001 with the exception of 2008. It is underneath our latest accelerated trend line but looks to be ready to cross it and resume its long term position above the trend line. I see this moving average as support and if it is violated, the chart says it won’t be by much. It is currently at 1384 and rapidly climbing to my support floor of 1425.

blogger_jov4df898b5wmw.png

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TA

LOVE THE TA!! Keeps reality in perspective sometimes.   Thanks for contributing guys.

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