Tag: Gold

Scandinavian Capital Markets

Market Update – May 11

Since reaching the long term parallel (magenta line) on 4/13, gold has traded sideways. Price rolled over last week from short term trendline resistance so be aware of the lower boundary near 1683. A break below there would leave price action since 4/13 as a consolidation top. Immediate downside focus would then be the 3/31 low at 1576.

Scandinavian Capital Markets

Daily Trading Analysis video with Jamie Saettele (23.04)

Chief Technical Strategist Jamie Saettele takes a deep dive into the gold market, going back to the end of the Bretton Woods era.

Scandinavian Capital Markets

Market Update – April 23

Resistance was hit today in gold. Futures printed a high of 1742.40 and spot traded 1718.70 at its best level. I obviously don’t know for certain if that was the end of the rally but it is a good sign (for a bear) that price reacted where it should have. I am bearish but not yet short. A break below the line that connects lows since 4/21 (not shown here but can be drawn on an intraday chart) would serve as the signal to short.

Scandinavian Capital Markets

Market Update – April 22

Today’s ES break confirms the rally from the March low as a wedge. The implication is that the March low will eventually be re-tested. Near term, I’d still watch for a bounce from 2600/30. Proposed resistance is now the underside of the broken wedge line at 2808.

Scandinavian Capital Markets

Market Update – April 20

Gold reversed from massive resistance last week (long term parallel is shown on the weekly chart below). I am bearish…at least near term. If the decline from last week’s high unfolds in 5 waves, then I’d be confidently bearish against the high and look to short a rally. For now, just know that levels to watch are 1672.50 for support (keep in mind that this is futures and not spot) and 1724.20 for resistance.

Scandinavian Capital Markets

What Trading Experts Say About COVID-19 and the Market Opportunities

Scandinavian Capital Markets asked a panel of trading experts the following questions: Can you share your outlook on the market for the coming months and where you would look for opportunities?