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Tuesday, 14 August 2018

The Gold Support-Resistance Matrix: 14 August 2018, Tuesday, 1.29am Singapore Time

The Gold Support-Resistance Matrix: 
14 August 2018, Tuesday, 1.29am Singapore Time
(Click on Technical Chart above to Expand)

Attached above is the latest updated chart based on the latest development in the Gold Market. The Gold market is moving along the Support-Resistance Matrix as shown. The black matrix mesh is the selling pressure suppressing gold and the red matrix mesh is the buying pressure buoying up gold. The green circles are where prices are reactive to the support mesh. We are currently approaching this buying pressure where there will be invisible hands scooping up gold. The multiple smoothing MA (14, 10, 9) is above the bullish green cloud formed by the 50EMA and 200EMA. Together, the set-up is still a bull market in gold with uptrend intact. In sum, I am still bullish of Gold moving up close to 2x beyond $2000 an ounce as my long term target price. Bullish.

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