Education
October 8, 2020
The initial announcement of Trump's COVID-19 diagnosis caused a knee jerk reaction in the stock market. Is there more volatility to come?
September 30, 2020
Gold traded into proposed resistance at 1908 today and immediately pulled back. I am of the view that price resumes lower from the current level towards the lower parallel near 1750. Failure to stay below today’s low would risk strength into the upper parallel of the bearish channel near 1940.
September 11, 2020
My working assumption is that a B wave triangle ended today at 1975.20 (exactly the 8/3 low) in gold. I am bearish against today’s high and looking for weakness lower in a C wave towards 1800 or so by the end of the month.
September 9, 2020
QQQ has broken down and the same levels are in focus that were noted yesterday (text below). All I’m adding is that if price bounces from here (a gap up on news tomorrow for example) then 279 is proposed resistance.
August 28, 2020
Gold is sitting on top of the 2011 high…major level. A break below would open up 1765/90 (see hourly chart below), which is a well-defined zone and intersects the lower parallel of the Schiff fork from the high. Proposed resistance is 1941 (high volume level from today). As noted yesterday, I’ve been tracking near term fluctuations in GLD. High today was just above 185, which keeps the short term bearish channel intact (see yesterday’s GLD chart).
August 27, 2020
Since the 8/6 high in gold, I’ve been closely tracking GLD. The rally from 8/12 found resistance at the 61.8% retrace and a short term bearish channel is confirmed following the median line touch. If GLD has turned lower, then resistance should be 185.00 (38.2% retrace and VWAP from the high).
August 24, 2020
Gold started the week on the defensive after being unable to hold above the key $2,000 level late last week. Meanwhile, the US dollar has stabilized, finding its feet after falling to its lowest levels in over two years last Tuesday.
August 17, 2020
Silver made a 2 bar weekly volume reversal last week. Volume reversal logic is explained here. The only other signals with the same volume requirements occurred in December 2010 and April 2011.