Education
August 6, 2020
Expanding on yesterday’s gold chart (remember that the Fibonacci measurement is 2095…today’s high was 2070…), daily RSI is now 89.8. The indicator has been this high just twice before; January 1980 (twice) and September 1999.
August 5, 2020
Silver climbed to its highest levels since April 2013 in early trading on Wednesday, while gold rose to new record highs above $2,000 an ounce. The move comes after July's 34% rally, marking silver's largest monthly gain since December 1979.
August 5, 2020
There are similarities between the current gold rally and the rally into the 2011 top. Price has met the line off of the February and August 2019 highs (highs of proposed waves 1 and 3).
August 4, 2020
USDSEK nailed support and reversed higher on Friday from the noted channel extension and Fibonacci relationship. I’m looking for a sizable rebound in the coming weeks and maybe longer. Near term levels to pay attention to are the center line of the channel from the March high near 8.89 and the upper parallel, which is currently about 9.10.
August 3, 2020
Copper begins the week at the lower parallel from the Schiff fork off of the March low…an important spot. If it breaks, then downside focus is 2.6325. Recall that copper put in a high 3 weeks ago at a major level (see weekly chart below).