The Guide is for Anyone Interested in the Physical Bullion Market.
The Bullion News & Commentary Continues...
Posted: 02/09/2016 @8:46pm
Last Edited: 02/09/2016 @9:06pm
Yesterday, Gold Broke Above the $1180.00 a troy ounce resistance level.
Charts provided courtesy of TradingView.com
On my last post (02/03/2016) seen on the guide's new tumblr blog here, I mentioned that Gold's MACD looked like it could still go higher, but that gold's RSI (Relative Strength Indicator) was looking like it was about to extend into Overbought Territory.
Below is last week's chart that shows this...
I also mentioned last week that the RSI was giving the indication that the price of Gold was starting to peak and that it looked like the Price of Gold should start to consolidate soon.
Gold ended the week (1/31 - 2/6) below $1180 a troy ounce.
I honestly did not expect Gold to break above $1180 this week, I expected it to consolidate, I was wrong, but in a good way, because I've been looking for Gold to break above this level since it fell below it.
I've been writing since October 2014, in the last 4 quarterly pages, that the dollar's strength will not last and that when it starts to break, this will be the first sign for gold to start moving higher and last week the US Dollar showed its first sign of breaking. (see charts below)
To see the definition of a rising wedge click the following link from StockCharts. Rising Wedge defined.
I now expect Gold to consolidate, yesterday, Gold's RSI broke above 80.
Next, I want to show you Gold's 9year chart below, in it, I've highlighted every time Gold's RSI (Relative Strength Index) has broken above the '80 level'.
The RSI Chart indicates that Gold has strength moving it higher, strength it hasn't seen since 2012.
But now that it has broken above $1180, we will see if it can stay above the $1180 level, but it's not that big of a deal if the price does fall below, just as long as gold breaks back above $1180 level and breaks above the $1200 resistance level, as well.
Furthermore, there is a technical charting formation that is starting to show itself in the Gold charts, called the 'Cup and Handle' pattern.
...see the chart below
Cup and Handle Chart provided courtesy of ProfitF.com
Before I end this post, I want to remind you of what Gold has done the last two years.
I'm not saying this will happen, I just think you should know this if you are looking to purchase bullion based on Gold's recent movements.
What I'm talking about is the fact that for the first quarters of 2014 and 2015, Gold rose in price then fell.
See the 2014 and 2015 charts below (first quarters are highlighted)
In the 2014 and 2015 1st quarter charts, above, you can see the importance of the $1180, it is a price level to watch, Gold needs to stay above it as this quarter continues.
Furthermore, you will want to watch the US Dollar, the market is currently losing confidence in the Federal Reserve, if the dollar falls below $93.00, gold will receive a big boost and if the US Dollar falls below $90.00, Gold's new Bull Market will be confirmed.
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The following pages give you a history of the Mints and or Central Banks that produce the bullion coins, for each country.
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The Coin pages offer you the history and narration of the coins, photos, specific coin information and mintage figures.
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The Home Safes page gives you information about the differences in the way home safes are made, how to choose the best one for you and links to suppliers of these safes.
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The pages below give you the history behind the ratios and how to interpret them to help you judge the bullion markets.
Each page offers you more information about the type of Bullion you may be interested in, in addition, you will find on these pages the links to the dealers who offer the bullion.
These three pages of the guide will help assist you in purchasing bullion (if you choose to do so). In addition, each page gives you in-depth information about how they can help you in your bullion purchases.
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