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Gold-futures

Gold Closes Lower & Hits Support at the 21 Day Moving AverageGold gapped lower on Sunday night and dropped to the 21 day moving average @ 1266. Even though price rebounded off that support area, the precious metal still closed well under the 7 day moving average and now seems like it wants to re-test Monday's low. We also had the first strong red Heikin-Ashi candle since the downturn from the upper Bollinger Band (see chart below). We will want to see more of these strong Heikin-Ashi candles to give us confidence that a strong downward move is in progress and not just a chop zone of sideways price action. The haDelta indicator is confirming the downtrend as well. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!Short
by GoldBands
Gold Trades in Tiny Range as Big News Weekend AwaitsGold closed up a point and a half today on an extremely low volatility day and ended the day trapped within the net of the 7 day moving average and the upper band of the Keltner Channel. I expect another quiet day tomorrow as the world is waiting for the results of the French election this weekend. If the populist candidate wins and the French decide they want out of the EU, this could create major disruption in the global markets. Gold could be the big winner in all of this as the precious metal would be seen as one of the last safe havens around. Even the Japanese Yen wouldn't be a safe haven bet while tensions with the North Koreans seems to mount every day. So, while I am in the short trade, we all need to be on the watch for Black Swan events. This week may be the proverbial quiet before the storm! But, until then, my technical analysis does show that Gold right now is a short side trade. In addition to everything I've been calling out the last week on this, I have drawn a couple of orange lines on the chart which show a clear divergence between the last high of the year from last Friday on the price chart verses the QStick indicator on the bottom. QStick is a Rate of Change indicator and it is showing that the month long bull run has lost it's steam. A pullback to the 21 day moving average at 1263 is very reasonable. To complete the picture, take a look at the Heikin-Ashi chart. We've now had a red doji followed by a very weak red candle. If you do stay in a trade over this potentially volatile weekend, please use good money management techniques to protect your account. :-) Disclaimer: This post is for education purposes only. Trading is at your own risk.
COMEX:GC1!Short
by GoldBands
Gold Continues to Sell OffGold sold off sharply on Wednesday, closing the day down 8 points. The Heikin-Ashi candle finally turned red and the level on the QStick indicator at the bottom of the chart has now turned orange. All this signifies that the pressure to the downside continues. Whether or not this is anything more than a temporary selloff from the extremely overbought condition is still not clear. What is clear though is that further downward movement should bring price down to at least the 1263 area which is the mid point of the Bollinger Bands. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!Short
by GoldBands
Gold Moves Sideways in OverBought TerritoryAlthough Gold mostly moved sideways today, closing up 3 points on the day. As price moved up in late afternoon trading, I did enter a short position for the following reasons: 1. Price has stalled well into the overbought upper Bollinger Band territory 2. Friday's shooting star followed by Monday's doji indicate to me that the upward momentum is waning 3. Tuesday's candle stopped right at the upper Bollinger Band but not above it. 4. haDelta daily indicator has been red for 2 days As gold continues to sell off after hours, I will be watching price reaction at the 7 day moving average at 1283.40. If price breaks through that level, I'll be looking for a continued move down to 1261.60, the mid point on the Bollinger Bands. Baring an unexpected sell-off, it'll take another couple of days for the Heikin-Ashi candles to turn red.
COMEX:GC1!Short
by GoldBands
Gold Falters Amid Profit Taking at Over Bought LevelsGold closed flat on the day after pushing up into the 2 to 3 Std Dev Bollinger Bands. The low of the day was at the .618 Fib level. The daily haDelta also turned red today (top indicator) although the weekly haDelta remains bullish (middle indicator). So while it is clear that Gold is over bought, there is no confirmation yet that the uptrend is over. I will be watching to see the reaction at the 1277 level which is where both the 7 day moving average and the upper Keltner Channels are. The Heikin Ashi candles remain bullish, both on the daily and weekly charts. This tells me that we are still in a buy the dip mode. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!Long
by GoldBands
Gold Rallies and Pushes to Upper Bollinger BandGold rallied hard today, gaining almost 20 points on the day. On the way to the new monthly high for April, Gold shot past last Friday's high and didn't pause as it continued it's ascent to the outer Bollinger Band, which is set at 2 Std Dev from the midline. Monday's red Heikin-Ashi candle is now well in the rear-view mirror as well. And all along, the haDelta indicator did not flash red, staying a solid blue since April 4. Most of the time, after a big move in Gold, the market pauses for a day before giving any signal of the next move. I am watching for a pullback to the inner 1.5 Bollinger Band (which is at 1270) which is also at the same level as the Keltner Channel (yellow). A nice rejection of that level would indicate that a new up wave in the precious metal is about to begin. Bullish Heikin-Ashi chart Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!Long
by GoldBands
Gold Stays Range-Bound After Friday's KnockdownOn Monday, Gold closed up .8 points but did not recover any of the momentum after last Friday's explosive move up and then equally explosive sell off to end the day and the week. After that action last Friday, Gold continues to trade within a tight range that started on March 22. It is obvious that the Bollinger Bands are contracting and the haDelta is poised to cross over to the downside. In addition, Monday's Heikin-Ashi candle was red (see chart below). The overall outlook, at this point, is Neutral. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!
by GoldBands
Gold Recovers but Continues to Move SidewaysGold ended Wednesday down .6 points, making a late day recovery after selling off strongly to start the day. So while gold did close above the 7 day moving average, price continues to move sideways. The haDelta indicator is also still bullish but is showing definite signs of slowing down and even possible changing course. And if, in fact, price does move down, the haDelta would be showing a major diveregence between price and the last 2 peaks ( see yellow line ) Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!
by GoldBands
Gold Rises to Top of Month Long RangeOn Monday, Gold continued Friday's move up and rose 2.1 points to close at 1254. I have highlighted the month long range on the chart. Price also closed above the 7 day moving average and the haDelta has turned back to blue. In addition, the upper Bollinger Band has started to move higher to 1271.90 And the Heikin-Ashi chart below shows a strong potential trend change. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!
by GoldBands
Gold Falls Below Support LevelsGold closed down 3.7 points on Thursday, falling through support levels at the 7 day moving average and the inner Bollinger Band. While it's not clear if this is going to be a long or short lived downward correction, I am banking on price hitting the 21 day moving average at 1232.90. As I've said before, when price breaks through the 7 day moving average, the is a high statistical probability that price will then touch the 21 day moving average. As for the Heikin-Ashi signals, we now have two consecutive red Heikin-Ashi candles and the daily haDelta indicator has turned red. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GCM2017Short
by GoldBands
Gold Stays Bound within Monday's RangeGold closed down 2 points on Wednesday, once again finding support at the confluence of moving averages and the inner Bollinger Band. While not moving lower than support, price stayed contained within Monday's candle and is setting up for a potential 'Rising Three Methods' pattern. This pattern starts with a long green body that is followed by three small body days, each fully contained within the range of the high and low of the first day. Then the fifth day closes at a new high. If this plays out, then Friday would be the day for price to hit the outer Bollinger Band which is now at 1267.30. While the indicators are still green, the Heikin-Ashi candles are showing a potential end of the up move which you can see on the chart above. Certainly the Heikin-Ashi doji on Wednesday is not inspiring a lot of confidence for the bulls. I recommend protecting your profits and tightening stops. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!Long
by GoldBands
Gold Closes Up Slightly After Intraday Touch of SupportGold closed up 2 points on Tuesday even as the US Dollar gained ground fueled by strong consumer data. After the news came out, the precious metal slowly slid down from a high of 1258.4 to the low of 1247. But there it met support from both the 7 and 8 day moving averages and the inner 1.0 Std Dev Bollinger Band. I am still waiting for the tag of the upper Bollinger Band, which is currently @ 1266.60. All signals are still positive. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!Long
by GoldBands
Gold Gains and Penetrates Mid Bollinger BandGold moved higher today, gaining 10.2 point to close at 1255.7. After penetrating the middle Bollinger Band @ 1255.4 to hit a daily high of 1261, price closed just underneath that middle Bollinger Band. I am still expecting a tag of the outer Bollinger Band at 1266.10, which is my first profit target on this bull trade that started with an entry at 1220. All signals are bullish, including the Heikin-Ashi candles. Disclaimer: This post is for educational purposes only. Trading is at your own risk.https://www.tradingview.com/x/Jf4JUTxT/
COMEX:GC1!Long
by GoldBands
Gold Ends the Week FlatOn Friday, Gold spiked up above 1250 but then sold off as the day drew to a close, to close at 1243.3. On the week, Gold was up 14.3 points. All indicators are bullish and, Friday's Heikin-Ashi Doji aside, I am looking for price to at least tag the 1.5 Bollinger Band or higher. Reversing now without even a tag of that 1.5 Bollinger Band would be unusual. So until we get some red color on the chart, I will be maintaining my long position. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!Long
by GoldBands
Bollinger Bands and the Coast to Coast MoveOne of my favorite uses of Bollinger Bands is to participate in what I call a 'Coast to Coast' trade. This is when price breaks from one of the outside Bollinger Bands and then reverses and moves towards the opposite Bollinger Band. Along the way to completing the opposite tag, price will often react off the 21 day moving average. You can clearly see that on the chart below. After the first tag of the 21 day moving average, price re-bounded and instead of moving towards the other outside Bollinger Band, continued and hit the upper Bollinger Band a second time. And then, a week or so later, price once again rebounded of the 21 day moving average and reversed to hit the outer Bollinger Band one last time. After the third hit of the outer Bollinger Band, price did correct and quite quickly hit the opposite band. That sell off seemed to be enough to propel price back up. Also you can see that one both the last move down and the current move up that price didn't even pause at the 21 day moving average. If you study historical price action off the outer Bollinger Bands, you'll see that 3 tags of one band is pretty much the max. When I see that, I do think counter trend. In this case that was confirmed by the haDeltas both turning red. Disclaimer: This post is for educational purposes only. Please trade at your own risk.
COMEX:GC1!Long
by GoldBands
Gold Rebounds off the 7 Day Moving AverageGold dipped lower in the overnight session but then rebounded off the 7 day moving average. Price is now at the top of the weekly highs and looking to move above 1250. I've added a second haDelta indicator which is set to track the weekly Heikin-Ashi candles. Now both the daily and weekly are aligned in blue. This is a great way to stay in the trade and to filter out noise. For example, yesterday was a down day but even though the sma on the daily haDelta moved down, the overall trend remained up. The Heikin-Ashi candles also remained Green. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!Long
by GoldBands
Gold Pauses and Moves SidewaysGold traded down 3.6 points on Thursday and while it was a down candle, the bull move is still supported by a green Heikin-Ashi candle. It would also be unusual for price to not move past the inner Bollinger Band. As you can see on the Heikin-Ashi version of the chart, the uptrend still appears to be strong; The weekly chart below shows a possible transition to a bull market. This weeks candle is the second green one in a row (unless there's a big sell-off tomorrow) and is a strong move above the 21 week moving average. And while the haDelta indicator is still red, you can see the delta moving average poking above the 0 line, a strong harbinger that the downward trend may be ending. Disclaimer: This post is for educational purposes only. Trading is at your own risk.
COMEX:GC1!Long
by GoldBands
Gold Extends Rally into 6th DayOn Wednesday, Gold continued to climb higher, extending its rally for a 6th straight day. On today's chart, I've put back my triple Bollinger Band setup so we can get a better idea on what price is doing. We are currently at the inner Band, which is set to 1.0 Standard Deviation from the 21 day moving average. It looks pretty certain that gold wants to move to the upper Band to complete, what I call a 'Coast to Coast' trade. The Heikin-Ashi Delta indicator at the bottom also shows that the current trend is continuing to be bullish. Disclaimer: This post is for educational purposed only. Please trade at your own risk.
COMEX:GC1!Long
by GoldBands
2
Gold Closes Above the 21 Day Moving AverageGold closed up 5 points on Monday to end the day at 1234 which is above the 21 day moving average which now sits at 1228.60. Today I'd like to introduce my new chart layout which now includes a Heikin-Ashi Delta indicator which was originally developed by Mr. Dan Valcu. Based on Heikin-Ashi candles, there are 3 main components to the indicator. The first and most obvious are the red and blue areas. This represents a 3 day simple moving average on the delta between the opening and closing prices. The second are the green and magenta dots on the edge of the areas. Dots are green if the moving average is above 0 and today's moving average is above yesterday's. If the moving average is above 0 but not above the previous day's moving average, the dot is magenta. The opposite is true for magenta dots. If the moving average is below 0 and today's moving average is below yesterday's, the dot is magenta. If the moving average is below 0 but today's moving average is not below yesterday's, the dot is green. The yellow line represents a double smoothed moving average on the Delta. Disclaimer: This post is for educational purposes only. Trade at your own risk. I'm still evolving my strategy using this indicator and will keep everyone posted. F
COMEX:GC1!Long
by GoldBands