Wednesday, February 24, 2016

Gold and the 34-Month Moving Average

Gold gave up $8.70 last week (after the previous week's gain of $81.30/oz.) to close at 1,230 and printed a bearish harami candlestick on the weekly chart. Friday's close was on resistance at 1,230. Look for support at 1,190.

A breakout from the 34-month exponential moving average (chart) would be very bullish. Assuming a breakout, our price target is 1,370.

Cycles
A 4yr cycle low is due in the first half of 2016 possibly as early as Feb/March but It looks increasingly as if it may have arrived last December. Wait for a breakout from the 34-month moving average to make that decision. Weekly cycles point to a high in late March.

Gold and the 34-Month Moving Average

2 comments:

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  2. BSE Mid-cap index was trading at 15,692 level, up by 0.04% while BSE Small-cap index was trading at 16,132 level, up by 0.02%. The rupee opened at 63.94 per USD as against the previous close of 63.9 per USD. capitalstars

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