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Wednesday, May 03, 2017 8:09:51 AM
By Tim Ord | May 2, 2017
• SPX Monitoring purposes; Long SPX on 4/24/17 & 2374.15
• Monitoring purposes Gold: Neutral
• Long Term Trend monitor purposes: Neutral
Above is the longer term view for gold. The top window is the monthly RSI for Gold. Monthly RSI above 50 suggests major trend is up in gold and below 50 a major downtrend; RSI close at 51.37. The red vertical lines on the Gold chart represent the 8 year cycle for gold bottoms. The last one came in December 2016 suggesting this major cycle has bottom for gold. In bull markets; gold stocks outperform gold and that happens when the XAU/Gold ratio is rising. This ratio had a bullish crossover in early 2016. Next window down is the monthly Slow Stochastics for Gold. In bull markets the Slow Stochastics stays above 50 and the current reading is 53.51. Gold retraced 50% of the move form the 2000 low to the 2011 high at December 2015 low. A Fibonacci 50% retracement suggests the December 2015 low is the half way point of the move up suggesting gold could reach 2750 range (sec chart above). Gold could retrace some short term but the monthly charts remain on a sold buy signal. The monthly charts remain bullish.
http://www.talkmarkets.com/content/us-markets/gold-could-retrace-some-short-term?post=133688
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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