Followers | 681 |
Posts | 141593 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
Friday, May 10, 2024 5:06:34 PM
By: Bruce Powers | May 10, 2024
• After triggering a bullish weekly reversal, gold's advance signals strength, with potential for further upside towards recent highs.
Gold triggered a bullish weekly reversal on Friday as it advanced above last week’s high of 2,347. The high of the day was 2,378 before it pulled back intraday. Gold is on track to end the week above last week’s high and above the most recent swing high at 2,352, further confirming strength. Yesterday, gold gave an initial sign of strength with a daily close above the 20-Day MA.
Today’s advance completed a 61.8% Fibonacci retracement of the recent decline around 2,373. Also, notice that today’s rally got above a top channel trendline and is set to close above it. That line represented resistance recently during the pullback.
Bullish Reversal on Weekly Chart
This could be the beginning of a bullish reversal that tests recent highs and potentially begins an advance to new record highs. The recent retracement stalled at a low of 2,277, which is near the 50% retracement of an internal upswing. However, when measuring a larger portion of the uptrend that starts from the February swing low, support came in above the 38.2% Fibonacci retracement.
A retracement to the 38.2% price level would also be relatively minor and reflect underlying strength. However, buyers were more aggressive and turned the price of gold back up at a higher price area. And momentum has been strong the past two days as the ascent began.
Price Levels to Watch on the Way Up
Price levels to watch on the way up include the three-week high of 2,389 and the 78.6% Fibonacci retracement at 2,398. There is then an interim swing high at 2,418 and the trend high at 2,431. An initial breakout above the top trend channel line triggered on April 8. But it failed to continue and led to the recent retracement. It is interesting to note that the market recognized that pivot as the two channel lines crossed at that point (circled).
Subsequently, the top lines acted as support for the next nine days as gold attempted to go higher. Watch for similar or more bullish price action once gold gets above both lines. It is now above one line. But that line is more significant as it measures the larger rising parallel trend channel.
Read Full Story »»»
DiscoverGold
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. Caveat emptor!
• DiscoverGold
Recent GLD News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/08/2024 06:11:30 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/08/2024 03:33:22 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 01/19/2024 05:18:16 PM
- Crypto: RNDR, LINK, CHZ Emerge as Wednesday’s Top Performers, Ethereum Pilots Dencun Update, and More • IH Market News • 01/17/2024 04:51:44 PM
- Form 424I - • Edgar (US Regulatory) • 12/27/2023 04:04:08 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 12/22/2023 09:02:08 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 11/22/2023 07:49:08 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 09/14/2023 02:12:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/12/2023 08:02:07 PM
- Gold Stabilizes Near One-Month Highs as U.S. Interest Rate Hike Expectations • IH Market News • 08/31/2023 12:43:38 PM
- Gold Closes Higher, With Strong Retreat In Treasury Interest Rates And Dollar Low • IH Market News • 08/29/2023 06:20:49 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/07/2023 06:55:27 PM
Green Leaf Innovations, Inc. Engages Olayinka Oyebola & Co for Two-Year Audit • GRLF • May 28, 2024 8:30 AM
HealthLynked Introduces AI-Powered Chat Function to Enhance Healthcare Accessibility • HLYK • May 28, 2024 8:00 AM
Avant Technologies Engages Wired4Tech to Evaluate the Performance of Next Generation AI Server Technology • AVAI • May 23, 2024 8:00 AM
Branded Legacy, Inc. Unveils Collaboration with Celebrity Tattoo Artist Kat Tat for New Tattoo Aftercare Product • BLEG • May 22, 2024 8:30 AM
"Defo's Morning Briefing" Set to Debut for "GreenliteTV" • GRNL • May 21, 2024 2:28 PM
North Bay Resources Announces 50/50 JV at Fran Gold Project, British Columbia; Initiates NI 43-101 Resources Estimate and Bulk Sample • NBRI • May 21, 2024 9:07 AM