Saturday, December 12, 2020

Daily gold chart

Support is marked with blue circle which denotes the confluence of the middle line of the green pitchfork, the light blue trendline, the 38.2% Fibonacci retracement line (orange arrow) and the red 233-day moving average. I took a small gold (and silver) on Monday when the tan line of the MACD turned up (yellow arrow). The position is nominally in the money. I will add to the position when the green line on the MACD tunes up and/or when the MACD on my 240min chart turns up.

Sill, I am cautious. Times are turbulent. Things are not adding up (stock market at all an all-time hight while the country crumbles). Still, I am suspicious of a surprise (from Donald) and/or an event before inauguration day, one that might shake most every market. In such a case I could see a washout all the way down to the lower line of the blue pitchfork which also corresponds with 50% retracement line at around $1690 (white arrow).

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