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Monday, May 22, 2017 2:25:50 PM
By Ed Carlson | May 22, 2017
Gold rallied $26.50/oz. last week closing at 1,252.70 and above the 200-dma. Gold is finding resistance from the December trendline and the detrended oscillator is overbought warning of a pullback. Gold priced in Euros (lower) isn’t very bullish on gold’s prospects, either. Cycles have us looking for a decline into mid-May and possibly as early as last week.
Longer term, despite the whipsaw in Nov-Jan, the 34mo moving average is a good indicator of trend. Currently, gold is above the moving average making the long-term trend bullish. Seasonality is bullish in May.
http://seattletechnicaladvisors.com/blog.html
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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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