Home Trading The Chart Guys GOLD Technical Evaluation Chart 3/24/2017 by ChartGuys.com

GOLD Technical Evaluation Chart 3/24/2017 by ChartGuys.com

$Gold Technical Evaluation Chart for 3/24/2017

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2 COMMENTS

  1. I've been following some charting myself this week. If I was watching your video alone, I would have been very bullish on gold because of the head and shoulders pattern on the USD, and with spot gold having health consolidation. From what I see though, I think 99.40 USD is support, and I'm actually longer term bearish on gold and the miners. We'll see who is right. In all seriousness though, you are more of a charting expert than I am. So I'm a bit concerned, but excited to see what happens next week.

    What I'm seeing with miners is a break in the correlation between miners and spot gold. I see 99.40 USD support, and clinging to 1243 spot gold support after breaking briefly overnight and for a bit today.

    I chart the 3x, even though people say you're not suppose to. I see NUGT losing the 50 SMA on the 30 minute timeframe, and DUST finding support on the 30 minute and the daily timeframe.

    Also, fundamentals wise (which I usually try not to consider too much), health care is dead and focus is back on tax cuts. When the vote on health care was cancelled, there was an immediate drop in gold and miners. And I saw a decent selloff in miners after hours. Lastly, NUGT is getting a reverse split on May 1st, and I've never seen anything that was bullish going into a reverse split, even though it's a month away.

    You did point out a descending trendline in spot gold though, so at least hoping that part is right.

    Thanks for the videos, but I hope the bullish signs in gold and miners are wrong.

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