A beautiful chart - /GC weekly
Please indulge me in the use of the word beautiful here, I'm a techni-gold-bug.
Weekly charts are powerful indicators. Institutional investors won't use any lower timeframe, and they rarely buy anything below it's 50 week moving average. Sometimes a 30 ma is used, but 50 is a very old standard.
And this should print as a solid technical week towards broaching the 50, setting up a solid breakout move within the next 1-3, and getting the attention of swing traders. We just need to get a good day tomorrow for the print.... and big picture and all, I think we will.
In case you can't read my notes:
Higher volume on up weeks, lower on down weeks. Trading solidly above the 8 and 12 week moving averages.Good consolidation, indicates a shakeout of weak hands.
Crossing the 50 wma at 1269 is the target, and is a strong buy signal after 1 full week of trade action over it.
MACD ready to cross. The last of the three technicals here to give a buy signal. All three
are at lower levels than the previous two attempts to break the 50 wma this year, which
indicates a strong move up is at hand. Both stochastics and RSI are in marked uptrends.
A 'Coiled snake'.
regards,
TC
(bd for the latin impaired)
