Gold is up testing a bear trend line that has been in force for the last 8 years and it finally has some momentum on its side for this attempted bullish breakout. Traders need to monitor where the weekly candle closes as any bullish breakout might trigger some mean-reversion on the precious metal and a number of Gold related stocks and ETFs. In this post I review the charts for Gold and identify levels to monitor for any breakout. A few Gold ETFS and three Gold stocks are reviewed as well.
Gold weekly: price action is testing the 8-year bear trend line and note how bullish momentum (+GDI) has finally broken out to the upside, after consolidating for the last 12 months! Any weekly close above the 8-year bear trend line would bring the $1,600 level, near the weekly 61.8% fib, into focus:
Gold daily: there has been a daily chart based Bull Flag style of breakout that has evolved with a breakout of bullish momentum as well. Watch the recent High, near $1,350, for any new make or break, and, after that, watch the $1,360 level:
GDX weekly: Gold Miners ETF: there is no momentum or trend line breakout here just yet but watch in case it evolves on the weekly candle close. Watch, also, for any close above the weekly 200 EMA. Any bullish breakout would bring the weekly 61.8% fib region, near $50, into focus as the longer-term target:
GDX weekly Cloud: there is no volume breakout as yet but price is above the Cloud; which helps!
GDXJ weekly: Gold Miners Junior ETF: Watch for any momentum-based trend line breakout and move back above the weekly 200 EMA. Any bullish breakout would bring the weekly 61.8% fib region, near $120, into focus as the longer-term target:
GDXJ weekly Cloud: Watch for any volume and Cloud breakout:
GLD weekly: Gold ETF: The +DMI is ticking higher but watch for the ADX to join in, AND, for any trend line breakout. Any bullish breakout would bring the weekly 61.8% fib region, near $155, into focus as the longer-term target:
GLD weekly Cloud: no volume breakout but price is above the Cloud; which helps!
GOLD weekly: Watch Barrick for any momentum-based trend line breakout. Any bullish breakout would bring the previous High, near $23, into focus as the target:
GOLD weekly Cloud: no volume breakout but price is above the Cloud:
IAG weekly: IAMGOLD: Watch for any momentum-based trend line breakout. Any bullish breakout would bring the weekly 61.8% fib, near $16, into focus as the target:
IAG weekly Cloud: IAMGOLD: no volume breakout and price is currently below the Cloud:
KGC weekly: KINROSS GOLD: Watch for any momentum-based trend line breakout and move back above the weekly 200 EMA. Any bullish breakout would bring the weekly 61.8% fib, near $20, into focus as the target:
KGC weekly: KINROSS GOLD: Watch for any volume and Cloud breakout:
