Fiat And Gold
Thus far that daily NLSL on the E-Mini is holding up just fine, once again suggesting that buyers are willing to jump in and drive this thing higher at the slightest dip. Since Christmas we haven’t as much as touched a NLSL – today we missed it by one tick.
But let’s talk about the Dollar and then we’ll look at gold – let’s start with the greenback. Much to my surprise the DX managed to climb above that diagonal resistance line as well as its 80 mark today. Yes, this is rather positive but ole’ bucky is far from being out of the woods.
The monthly panel show us that it’s been unable to get out of the gate all last year and that the 25-month SMA right above ought to be good for some resistance. Currently it is trading above its 25-week SMA, which has been served as a brick wall since last November. If it manages to climb above all that then there’s still that multi-year diagonal which awaits 82.5. I hope we get there as it would be a tremendous trading opportunity near a very meaningful inflection point.
Gold finally took off to the downside of that sideways triangle – I had no idea which way it would break but I did suggest that it would pick up some pace either way. If you took that entry near the lower diagonal then there’s nothing to do but to follow the 25-hour SMA at this point.
The monthly panel has us below the 100-week SMA, which actually was the basis for the lower border of that sideways triangle. This breach could have significant implications thus catching this entry was very important to me (and to you). Yes, this could still be a false breach, so don’t get comfortable just yet.
Similar story on silver – after giving up that 25-day SMA it never looked back. Next significant hurdle awaits us near 29.6 where we’ll meet that 100-day BB.
A few setups for my intrepid subs:
More charts and non-biased commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero or Geronimo subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
Please login or register for Zero Data Feed (non-recurring) or Zero Data Feed (recurring) or ES Gold (non-recurring) or ES Gold (recurring) or geronimo/ES (recurring) or Zero Pimp-A-Thon to view this content.
Honorable Mention: Really nice Mole signals today on the Zero:
This entry was posted on Thursday, February 14th, 2013 at 2:06 pm. Both comments and pings are currently closed.