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4 reasons Gold is soon to possibly go VERT
Diupdate
Had a conversation with the financial advisor of someone I deeply care about.
I've been trying to convince said person that Gold is a very, very smart play right now.
Said financial advisor doesn't agree.
The DJI is looking incredibly weak and as well all know, Gold is a great hedge against stocks.
This is how the conversation between him and I went.
Me: "Do you know about Divergences?"
Him: "I'm familiar with them, yes."
Me: "What do you think of the hidden bearish divergence in the chart for the DOW?"
Him: "I think the path of least resistance is to the upside, that being said I don't see the DOW having troubles so long as our politicians keep their mouth shut."
I was literally dumbfounded at that answer.
So then I decided to ask him why he told my 'person' that Gold wasn't a smart play, and this is where it gets especially stupid.
Me: "Why did you say to X that Gold isn't a good play?"
Him: "Timing. I just don't see right now being a good time to get into Gold." Which is somewhat correct since we are soon to hit resistance. I told my 'person' to invest in Gold at the literal bottom of this current upswing at around $1,200. Sadly, they didn't listen since I'm not a professional.
I then asked what his actual opinion of Gold is.
Him: "I think Gold is only a good play in a defensive status, if you think the markets are going to tumble."
Um, HELLO!?
Anyway, on to the technicals.
On the chart we see some serious bullish signals, with a major lack of bearish ones IMO.
First off, we are in a GIANT ascending triangle which is a bullish pattern. Target of this brings us right back up to the resistance we fell from.
Second, there are MASSIVE divergences being shown in the monthly. We have continuous bullish divergence building since the drop Gold experienced around the end of 2012.
Third, Gold is showing 2 areas of ENORMOUS hidden bullish divergence. From 2008 onward, Gold has had higher lows in price while having lower lows in the RSI. Also, there is very recent hidden bullish divergence that has formed from December 2016 until the most recent correction in September. Since, gold has rallied HARD.
Fourth, Gold went literally vertical towards the end of the trading day last Friday.
On this day, the DJI printed a gravestone doji indicating seller strength in the area.
It also just so happens that said gravestone doji looks to be the completion of the 3rd wave for this correctional impulse. Textbook exit for the conservative trader.
It is my tinfoil hat opinion that smart money exited a large portion of their positions and got into Gold causing the huge gain in price.
The rest of their positions are to be let riding in the unlikely event the DOW can make a higher high.
So, it is of my very amateur opinion that Gold is a very, very smart play. Resistance can be found at the top of the ascending triangle around $1,360. If Gold surpasses that resistance with force, onward we go to almost $1,800. Break that, and the sky is the limit. Who wins in a fight? Resistance of a bullish ascending triangle, or massive bullish divergence within massive hidden bullish divergence?
Take a look at the idea linked below for an anaylsis on the DJI.
Good luck fellow traders!
I've been trying to convince said person that Gold is a very, very smart play right now.
Said financial advisor doesn't agree.
The DJI is looking incredibly weak and as well all know, Gold is a great hedge against stocks.
This is how the conversation between him and I went.
Me: "Do you know about Divergences?"
Him: "I'm familiar with them, yes."
Me: "What do you think of the hidden bearish divergence in the chart for the DOW?"
Him: "I think the path of least resistance is to the upside, that being said I don't see the DOW having troubles so long as our politicians keep their mouth shut."
I was literally dumbfounded at that answer.
So then I decided to ask him why he told my 'person' that Gold wasn't a smart play, and this is where it gets especially stupid.
Me: "Why did you say to X that Gold isn't a good play?"
Him: "Timing. I just don't see right now being a good time to get into Gold." Which is somewhat correct since we are soon to hit resistance. I told my 'person' to invest in Gold at the literal bottom of this current upswing at around $1,200. Sadly, they didn't listen since I'm not a professional.
I then asked what his actual opinion of Gold is.
Him: "I think Gold is only a good play in a defensive status, if you think the markets are going to tumble."
Um, HELLO!?
Anyway, on to the technicals.
On the chart we see some serious bullish signals, with a major lack of bearish ones IMO.
First off, we are in a GIANT ascending triangle which is a bullish pattern. Target of this brings us right back up to the resistance we fell from.
Second, there are MASSIVE divergences being shown in the monthly. We have continuous bullish divergence building since the drop Gold experienced around the end of 2012.
Third, Gold is showing 2 areas of ENORMOUS hidden bullish divergence. From 2008 onward, Gold has had higher lows in price while having lower lows in the RSI. Also, there is very recent hidden bullish divergence that has formed from December 2016 until the most recent correction in September. Since, gold has rallied HARD.
Fourth, Gold went literally vertical towards the end of the trading day last Friday.
On this day, the DJI printed a gravestone doji indicating seller strength in the area.
It also just so happens that said gravestone doji looks to be the completion of the 3rd wave for this correctional impulse. Textbook exit for the conservative trader.
It is my tinfoil hat opinion that smart money exited a large portion of their positions and got into Gold causing the huge gain in price.
The rest of their positions are to be let riding in the unlikely event the DOW can make a higher high.
So, it is of my very amateur opinion that Gold is a very, very smart play. Resistance can be found at the top of the ascending triangle around $1,360. If Gold surpasses that resistance with force, onward we go to almost $1,800. Break that, and the sky is the limit. Who wins in a fight? Resistance of a bullish ascending triangle, or massive bullish divergence within massive hidden bullish divergence?
Take a look at the idea linked below for an anaylsis on the DJI.
Good luck fellow traders!
Catatan
Who wins in a fight? Resistance of a bullish ascending triangle, or massive bullish divergence within massive hidden bullish divergence within an ascending triangle*lol..
Catatan
Catatan
According to that screenshot, unless Gold suddenly takes a nosedive, the RSI is going to print a higher high while printing a lower high in price.So, it'll probably be a little while before Gold really starts to move up.
Either way, it's close. Really close.
Catatan
A close today will be needed above $1,365.Catatan
:D
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