Gold Technicals and Trendz From Chiefs World

8/8/2019 Gold Technicals and Trendz From Chiefs World

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China inflation and good Asian buying brought up the precious

metals overnight. However gold lost a little ground this

morning as the Portuguese bind auction was well received and

lowered concerns on the Euro crisis. Good ETF buying in

PGMs continue to support the current rally in those metals while

palladium leads the way busting back over 800. Credit

Suisse analyst today announced expectations of Pd to reach

1,200 and Pt 2,200 by 2013. Silver has also diverged from

gold and its very good industrial demand coupled with its job as

the poor man’s gold have it gaining on the day so far. One chartist informed me that if gold does not break above 1387

we may see a small correction to 1348. We believe

that if it does make that move it may be a good buying

opportunity.

still maintain that Gold will see 1500 -1680 this year, but must

keep a weekly close above the 30 week moving average

(currently 1300), Preferably no greater intra-week violation

greater than 1/2%, in this case no lower than 1293.Only a daily



close below 1345 would invite a retest of the 30 week moving

average, currently at 1300, the last crucial support

Gold has first resistance on Thursday at 1388-1396





GOLD and SILVER CHARTS (SCROLL DOWN)

The daily gold chart shows the neutrality of the short term. RSI and

WIlliams%R bottomed on Friday with the price low and have been

trending up. MACD's oversold condition in October has greatly

improved as well. The GREEN arrows show the be spot gold is at in

relation to the moving averages. The bounce this week has been back

to the averages --- and it is fast becoming decision time for the short

term. The moving averages have all compacted together and the 17,34,

and 50 day averages are within 7 dollars of each other.



Gold on a longer term daily basis shows how price is trying to recover

from a FOUR PEAK scenario.

GOLD STOCKS (BELOW)-- HUI INDEX

The HUI held key support and has bounced off the support line.

Resistance is the 561- 570 area where the moving averages reside. The

short term trend is down but as long as the HUI holds 520 -- the

medium term trend is still intact. PRICE must get back above the short



term moving average -- and the blue line needs to get back on top to

set the shorter trends back up.

The seasonal chart Played out pretty well in December. We had a peak

after the first week -- a two week consolidation and a strong final

week.

Upcoming January usually has a drop-up-drop and hard finish. It looks

like the first drop portion may have ended or is due to end by next

week. The seasonal shows a move up into next week. Lets see if Friday

was the low.

Of particular note ---- is the WINTER SEASONAL DROP COMING

due in this time zone. The CHINESE NEW YEAR BEGINS FEB



3RD. Last year --- the gold low was EARLY FEBRUARY......and then

one more dip in March but not as low. Has the Chinese New Year

shortened the Winter Seasonal cycle? It did last year. Something to

keep in mind as the new year kicks in.



GOLD SEASONAL CHART FOR 21st Century GOLD

BULLMARKET

This chart is how things have played out during the BULL MARKET

YEARS. Note we are arriving at the weakest part of the cycle.

Silver (using the ETF- SLV) (trades 60 cents lower than spot silver).

SIlver turned the corner on Tuesday -- and fought all day with the

moving averages for the second day running. The Blue line is above

the red line by a hair --- and so is price. Any close above the moving



averages puts the up trend back in motion. Tomorrow looks like

another key day. LOOK how tight the range is here right at the moving

averages.

averages puts the up trend back in motion. Tomorrow looks like

another key day. LOOK how tight the range is here right at the moving

averages.



Silver Spot Market -- The sideways action we've seen in silver is

depicted below.

The silver rally below shows this pullback did not quite reach the 50

day average -- and the bounce into Wednesday was back to the moving

averages. RSI and WILLIAMS%R turned back up. The key test now is

the moving averages. Silver needs to close above 29.62-29.92 to



neutralize the downtrend. Short term cycles are not due to bottom until

next week -- and that leaves us a bit cautious -- as to whether there is

one more leg here before the final low. Closes above the

When do the Silver highs usually occur during the Year ?

Jan/Feb is the favored candidate.



US Dollar

The Dollar got as high as 81.30 --- but was not able to hurdle above theold high of November. The short term trend remains up as long as

price is in the up trending channel. That 79 area is support as is the

Nov 22nd low at 78. Resistance is the 82 area. The BULL/BEAR

ZONE is critical to the short term trend for the dollar.



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Gold Technicals and Trendz From Chiefs World