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Showing posts with label resistance. Show all posts
Showing posts with label resistance. Show all posts

Tuesday, April 11, 2017

Gold price could have smooth sailing to $1300 per ounce after 2% climb and crossing 200 day moving average

On April 11 gold climbed more than $20 in intraday trading to close at $1273.  This 2% move was the third attempt in recent weeks to pierce through the hard resistance of its 200 day moving average and is a strong signal that the price could quickly move to or beyond $1300.

Live New York Gold Chart [Kitco Inc.]

With Trump threatening North Korea, Putin on the tape over Syria, China threatening 'red lines', and French poll data sparking panic across the pond, it seems safe-haven buying is suddenly de rigeur as Gold tops $1275 for the first time since the election, breaking above its 200-day moving average. - Zerohedge

Tuesday, March 28, 2017

Gold and silver hitting tough resistance at key levels of $1260 and $18.50

Following the Fed's move two weeks ago to raise interest rates by a mere quarter point, the Dow has fallen seven days in a row, the dollar has dropped over 250 bps, and gold and silver have risen by several percentage points to levels not seen since last November following the Presidential election.  And while the two primary metals have experienced hardly any days of losses since March 15, they are now running up against hard resistance points at $1260 and $18.50 respectively.

Gold traded through one trend-line (August-present) it struggled with just a few days prior, but came very near another trend-line (off the July high). Also, it failed from just above the 200-day MA and below the late February peak. Risk is heightened of a decline from the area between here and 1264. 
Silver is trading very near the July-present trend-line and right around the 200-day MA. Bearish price action has yet to present itself (i.e. - key reversal bar, engulfing bar, etc.), but the stance is neutral to bearish at this juncture with resistance at hand in both gold and silver, along with support for the US dollar. - Daily FX
Should both metals be able to break through these hard resistance levels then it appears technically there will be relatively smooth sailing to $1300 for gold, and potentially $21 for silver as they will both have crossed above their 200 day moving averages.

Right now gold and silver are back to working in tandem against movements from the U.S. dollar.  And if the U.S. currency, which came close to falling below its own 200 day moving average on Monday morning at 98.62, should break through that level with strength, then it will most likely lead to both gold and silver soaring past these hard resistance levels and open up the Bull Market to investors who have been waiting for this to happen on their technical charts.

Thursday, January 12, 2017

Gold up over $1200 and crosses 50 day moving average setting the stage for a move in either direction

The gold price crossed an important psychological barrier in early morning trading on Jan. 12 that places the metal at a crossroads to either move extremely higher, or fall back if it fails to hold the key resistance level.

On Thursday gold went above $1200 for the first time since its severe beatdown following the November Presidential elections when bullion banks dumped so many naked shorts into the futures market that it was the equivalent of three years worth of mine production.  This led to gold falling below its 50, 100, and even 200 day moving averages until it settled at a bottom of around $1125.

Since then however, it has begun a steady climb back to $1200, aided by investors covering numerous amounts of short positions that in some cases went back to bad bets made during the time of the Brexit vote.

However now that it has breached its new 50 day moving average, it will take on some strong resistance that should it succeed in holding this price, will assuredly move much much higher as loss of confidence in global currencies will aid in the move once again towards gold.

As one can see from the daily gold futures price chart below, it breached the 30-day SMA of $1,161.82 with a strong bullish candle. The commodity will now face stiff resistance from expected selling pressure near $1,200, which earlier acted as a crucial support. Calls of $1,200 as support are still etched in my mind, but probably too much faith was put into that. The 50-day simple moving average of $1,200.98 will pose additional stress on the commodity. But I am optimistic, and with adequate time and patience, the metal can cross this bear's mansion as well. - Seeking Alpha

Friday, January 6, 2017

Tonight we're gonna party like its 19,999

In several massive attempts on Jan. 6 to breach the uncharted 20,000 level on the Dow, inter-day trading came up the tiniest fraction short as the equity market touched 19,999.63, then sold off after eight solid attempts to breach the psychological barrier.


Many analysts had expected the Dow to have breached 20,000 before the start of 2017, but the 'Santa Claus Rally' never emerged and the market closed out the year at 19,762.

Image result for dow 20,000

With the combination of geo-political and economic events causing currencies, bonds, and even bank solvency to be in question here in the first week of the new year, it is difficult to predict exactly when the Dow may reach and break through the 20K barrier of resistance.  But whether we see that level broken early Monday morning, or on some random day in the coming week, the reality is that nearly all stocks are vastly overvalued, meaning when the correction comes it will be much greater in scope than the nearly 20% decline that took place this same time last year.

Wednesday, September 21, 2016

Gold climbs on Bank of Japan's failed policy shift while markets wait for Fed rate announcement

Last night, the Bank of Japan failed to impress when they announced that there would be no change to their current interest rate level of -.10.  And as expected gold rose more than $10 per ounce with today's Federal Reserve announcement still to come at 2:00pm EST.

In reality there is little that most central banks can do except change course and raise interest rates since several have already gone negative, and ongoing stimulus programs are yielding little towards spurring economic growth.  But what has been the beneficiary of these central bank policies has been gold, with the monetary metal bouncing off its 100 day moving average on the BOJ's announcement alone.

Gold and silver are surging this morinng after BoJ's disappointment as a stronger yen weighs on the USD index. Heavy volume has lifted Gold off key technical support and silver through a major technical resistance... 
Gold bounces off its 100-day moving-average...
 

Friday, April 29, 2016

Gold price reaches most important point of resistance that could send it to $1400 or higher

A few weeks ago I wrote on the major resistance point for gold that the cartel has gone out of their way to protect since the beginning of this new bull market, and until now, each time the price has crossed over $1280 it has been pushed down hard with naked paper shorting.

But as we have seen at least three times since the beginning of the year, the bit is in the mouth of the precious metal, and we are once again at the most important point of resistance that if broken through, could send gold easily to $1400 within days.
As we see the gold/silver ratio approach support at 70 we would once again favour gold over silver, both from the expectation that a continued rally in silver will be difficult without the support from gold but also as an insurance policy should the rally once again run out of steam. During a correction silver is likely to take a bigger hit than gold. Not least considering the speculative net-long positioning which has reach record levels.

Gold has been range bound since February but now once again challenging resistance at $1,285/oz.
Spot Gold
Source: SaxoTraderGO