Gold's Near-Term Brush With The 1600s

'Tis time too for a little good luck to come the way of the precious metals, even as Gold's aforeshown weekly parabolic trend is now Short. In next looking at the last three months of daily bars for Gold on the left and Silver on the right, their "Baby Blues" patterns of trend consistency hardly are encouraging, albeit both metals recorded a firm Friday per their respective rightmost bars:

As for the past fortnight, here we've the Market Profiles for Gold (below left) and for Silver (below right). Clearly, Gold really needs the 1770s to hold, else get sold, (perhaps with that low structural support price of 1672 in the balance). And again for Silver, 27 continues to be her key area below which not to breach:

So let's assess the Gold Stack:

The Gold Stack
Gold's Value per Dollar Debasement, (from our opening "Scoreboard"): 3683
Gold’s All-Time Intra-Day High: 2089 (07 August 2020)
Gold’s All-Time Closing High: 2075 (06 August 2020)
2021's High: 1963 (06 January)
The Weekly Parabolic Price to flip Long: 1963
The Gateway to 2000: 1900+
10-Session “volume-weighted” average price magnet: 1807
The Final Frontier: 1800-1900
The Northern Front: 1800-1750
Trading Resistance: (prices as noted per the Profile) 1795 / 1817 / 1825 / 1843
Gold Currently: 1783, (expected daily trading range ["EDTR"]: 28 points)
Trading Support: 1782 to 1774; (structural support as mentioned: 1789 to 1672)
The 300-Day Moving Average: 1773 and rising
10-Session directional range: down to 1759 (from 1857) = -98 points or -5.3%
2021's Low: 1759 (19 February)
On Maneuvers: 1750-1579
The Floor: 1579-1466
Le Sous-sol: Sub-1466
The Support Shelf : 1454-1434
Base Camp: 1377
The 1360s Double-Top: 1369 in Apr '18 preceded by 1362 in Sep '17
Neverland: The Whiny 1290s
The Box: 1280-1240

Now ahead of another busy week of incoming economic data, let's close with these few observations:

View single page >> |

Disclaimer: If ever a contributor needed a disclaimer, it's me. Indeed, your very presence here has already bound you in the Past, Present and Future to this disclaimer and to your acknowledging ...

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.