GOLD 0.51% $1,391.7 gold futures

Hi strike101,The blue is momentum and the gold one is RSI. Yes,...

  1. BH!
    2,521 Posts.
    Hi strike101,

    The blue is momentum and the gold one is RSI. Yes, the bottom one is MACD. Those and trend lines are the main ones I use for gold. Sometime fibonacci retracements, to look for other zones of support/resistance.

    I've never seen volume indicators for spot gold. Spot trades through so many different time zones, with so many differently sized markets, that I don't think it would be all that useful. Having said that, I like to keep an eye on Dan Norcini's charts and comments about open interest in the COMEX futures contracts, as well as the COT reports. [He presently says that they don't show any particular extremes, BTW, which leads me to think that any pull-back in price will not be extreme, unlike last year's one when open interest was at an all-time high.]

    Although it's not super-clear on the chart I posted, if you draw a line down from the March 08 price peak, through the momentum and RSI indicators, you'll see that they were already declining, having made their tops back at the end of February, when gold hit about $990-$995.

    That's what I'd be looking for in those indicators this time, before I thought there would be a good chance of it declining back to or through the centre of its upchannel. So far, no divergence, which is good.
 
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