Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Gold Medium Term Trend Analysis – December Outlook

43 sec read

Gold Weekly Charts – Sentimental Indicator
GOLD Futures

 

Just thought of posting quick update on Gold Medium term trend. Price structure of the Gold Weekly Charts are moving in a sideways bearish trend since mid of 2013. Longer term bearish momentum got faded out completely. In financial markets such fading moment mostly happens near the end of the trend(bearish/bullish). And the weekly outside bar on the Gold charts due to Fridays fierce price moment indicates bullishness likely to resume in Gold.

To be noted that Gold and Silver are out-performers compared to most of the major commodities. Year to Date Gold and Silver had lost 7.4% and 8.47% respectively. Copper, Crude, Natural Gas, Platinum are some of the notable top losers among commodities

YTD Performance

Gold Daily Charts
Gold Futures Daily

ROC indicator on the weekly charts indicates heavily oversold and Weekly Sentimental indicator turned positive post outside bar formation and the daily sentiment too turned positive this week which suggests the medium term gold is likely to be in the mean reversion mode from the 6 year lows. In the shorter run one can expect gold to test 1106 levels and in the medium term 1132 could be the potential zone to watch out.

Gold Weekly Charts – ROC Indicator
GOLD ROC

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Gold to Hit All-Time High? How Small Investors can…

I know, in this Bitcoin era if someone is talking about Gold they could be either a 70s kid or an 80s kid. Well,...
Rajandran R
1 min read

Silver Momentum Pullback Trade Setup

After a significant momentum in Silver 11.77 to 29.85 silver started correcting in the month of Sep 2020 towards 21.66. Last week silver plunged...
Rajandran R
22 sec read

Is the Oil nearing the Bottom?

I woke up in the morning just to see the headlines "Oil Drops to 21-Year Low With Storage Filling as Demand Shrivels". Ever-since ...
Rajandran R
53 sec read

3 Replies to “Gold Medium Term Trend Analysis – December Outlook”

  1. My view on Gold
    I feel it will puzzle one last time before we see a strong rally. Yes. I am expecting an upward abc structure followed by 5 wave move to the down side. This 5 wave move to the downside would either make a new low below 1045 or it could get truncated to become double bottom. On the overall note, in my view its just a blind buy on every dips or near the previous swing low. Because in weekly chart diagonal triangle was going on and it was in last wave which supposed to be abc structure. recently wave a completed with 5 wave move to the down side and the current breakout that we see is just nothing but wave b which will be in abc structure and wave c is yet to proceed in the form of 5 wave move to the downside.
    Psychologically, people who bought now will get worried about the down move which they will see in the near short term and then puzzled and when they are confused and dont add more or sell with the worry that market might fall further,then at that time market will show them the direction by shaking out the loose hands. Its the market’s nature. Cheers.

  2. Hi
    I would like to update with a little more information. More Gold ETFs in US market were on top gainers last week.
    Its a great sign that most Gold ETFs in US market have started investing again in Gold and looks like they think that Gold bearish trend has come to an end. Its a greater sign for investors who think of Gold as an investing bet.

Leave a Reply

Get Notifications, Alerts on Market Updates, Trading Tools, Automation & More