Trade Charting

Gold and Silver are still on my radar as they both hold above key 61.8% fib support and as the US$ pauses near the psychological 100 level. In this post I review the charts of both metals and some of the ETFs/stocks that have my interest. I don’t pretend to know which way both will head from here but I have chart levels to watch for make or break activity for either type of move.

Gold hit its lowest level since February but still managed to close the week back above the 61.8% fib of the Dec 2015- July 2106 swing high move. The hold above this psychological support, despite the stronger US$, should give Gold bears some pause. The story on Silver is rather similar with a bounce off recent lows and a hold above its 61.8% fib from its Dec 2015- July 2106 swing high move. I’m watching some ETFs and, NUGT in particular, whilst these metals make up their mind about which way they head next. Recovery-style price action has been recently seen across other commodities like Iron ore, Oil, Copper, Aluminium, Nickel and Zinc and so I’m keeping an open mind with these two metals.

Gold:

Gold monthly: I read various bearish and then bullish reports about Gold but, when I look at this chart, all I think one can really say is that the metal is ranging within a ‘potential’ Bull Flag.

Gold weekly: Gold has just printed its 4th bearish weekly candle but the most recent, at least, is an indecision-style ‘Spinning Top’. Any Bull Flag bullish breakout would have me looking up to the 61.8% fib of this latest swing low move which is up near previous S/R around the $1,600 level.

Gold daily: note the hold back above this psychological 61.8% fib region and the $1,170 level

NUGT: this is 3 x leveraged Gold Miners ETF. The weekly chart shows the ETF range-bound in a triangle under the $10 level and I’m watching for any breakout to enter this trade. Note the scope on the monthly chart; there is a lot of potential recovery room here!

NUGT weekly: watch trend lines for any momentum based b/o:

NUGT monthly: lots of scope for recovery action here! Doesn’t necessarily mean it will come though.

GLD weekly: Gold bullion ETF: note the hold above the psychological 61.8% fib here too:

GDX: Gold miners ETF: the $20 level is holding here for now so watch for any make or break from here. The daily chart also shows price action within a triangle giving us trend lines to watch as well:

GDX weekly:

GDX daily:

GDXJ weekly: Junior Gold Miners ETF: some more trend lines to watch for any breakout here too:

ABX weekly: Barrick Gold:the 50% fib and $15 level are holding here for now so watch for any make or break from here:

Silver:

Silver monthly: The $21.50 level seems to be the resistance to break here and any success would have me looking up to the 61.8% fib near previous S/R near $35/36. Note the current and very new monthly candle as it forms a bullish ‘Hammer’:

Silver weekly: Silver has held above the 61.8% fib and $16.50 level for now and note the bullish weekly candle. This has a tinge of bullish-reversal ‘Morning Star’ to it: