Gold Technical Analysis

Gold saw a $15 increase on Friday, and for the week as a whole finished up at a 1.8% increase of $22, closing at $1297 as of final trade on COMEX. This increase was a positive sign, but we have to be prepared for the possibility that gold could drop slightly lower as it continues the retest process of its completed 6-year downtrend.

This broken downtrend can be seen in the magenta line on this graph. The RSI seen at the top of the graph shows neutral, meaning that a sustained move could occur soon.

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This graph evidences why we advise not to let events in recent history guide your upcoming investments. You can’t count on low volatility for long.

In the mainstream media, we’ve seen a different sentiment:

Nothing to see here?

We don’t recommend following this line of thinking as our analysis shows that smart money is positioning. Right now, we’re looking at signs of invigoration in this most ancient of markets.

Christopher Aaron,
Bullion Exchanges Market Analyst

Christopher Aaron has been trading in the commodity and financial markets since the early 2000’s. He began his career as an intelligence analyst for the Central Intelligence Agency, where he specialized in the creation and interpretation of pattern-of-life mapping in Afghanistan and Iraq.

Technical analysis shares many similarities with mapping: both are based on the observations of repeating and imbedded patterns in human nature.

His strategy of blending behavioral and technical analysis has helped him and his clients to identify both long-term market cycles and short-term opportunities for profit.

This article is provided as a third party analysis and does not necessarily matches views of Bullion Exchanges and should not be considered as financial advice in any way.