The daily chart of the gold futures shows the 50-day moving average (blue line) crossing the 200-day moving average (red line).
This is called a golden cross. The golden cross is a technical chart pattern indicating the potential for a major rally.
The MACD (lower chart) is very oversold and crossing the red line. This supports higher prices. The Relative Strength (RSI) (upper chart) is also pointing higher.
There's a feeling that the gold price is currently being held back by silver prices, as the July silver futures contract is in the delivery month and the open interest, which is high, indicates holders of the contracts are demanding delivery. 😥
The 30-minutes Silver Chart (1 bar every 30 minute), shows how the Big Boys are putting pressure on silver prices for this very purpose. Once this is done, we could expect higher prices for Gold & Silver across the board.
Stay tuned!
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Commented on MasterMetals