The MasterCharts: Key Technical Levels on #Gold, #USD Ahead of #FOMC Rate Decision
Subscribe to The MasterCharts Feed Subscribe to The MasterCharts by Email

Gold & Silver 24 hr Spot

24 Hour Spot Gold 3-Day Overlay 24 Hour Spot Silver 3-Day Overlay

Note: Green is today (or last trading day)

AddThis

Wednesday, February 01, 2017

Key Technical Levels on #Gold, #USD Ahead of #FOMC Rate Decision

From Paradigm Capital:

Chart 1 – Key levels to watch on Gold heading into the FOMC Rate Decision on Wednesday:

o   Support at the 50-day moving average near $1,180, a breakdown would signal the resumption of the downtrend with risk to the December lows;

o   Resistance at the January highs, ability to make a higher high would signal upside back toward the 200-day MA near $1,270.

 
Chart 2 – The key ratio we continue to monitor for a directional signal in gold equities is the GDX versus GLD. Recall that a key a staple of a gold bull market is outperformance of gold stocks relative to gold. Ability for the GDX:GLD ratio to break above 0.21x along the November and January highs would, in our view, provide a signal to build an overweight gold position. Failure at this level, however, would keep the series of lower lows and lower highs intact.

 

Chart 3 – The U.S. Dollar Index has pulled back to support along the December lows. A break below this level would sgnal a deeper correction back toward the 200-day moving average. Resistance on the upside exists at the 50-day moving average at 101.50.
 
 
 
Gold: Key Levels Ahead of Fed
 
 
 
 
GDX vs GLD Ratio: Watch for a  Break Above November and January Highs
 
 
 
 
U.S. Dollar Index: Key Levels
 
 
 
 

No comments:

Post a Comment

Commented on The MasterCharts

MasterSearch