Saturday, February 8, 2014

Feb 08. Gold: Sharp Move Is Imminent.

Since my last update the Gold ETF (GLD) has broken from the Raff Regression Channel to the upside but is still continuing to battle against the resistance at 122. The volatility, meanwhile, collapsed to the level not seen from the last February (lower pane). It foreshadows a strong directional move. Though it is impossible to say in which direction this move will occur, the momentum (higher pane) and the upside volume (short horizon P&F chart below) favor the upside breakout.
If GLD clears the 122 resistance level, it will open a way to the next resistance at 131-132.

4 comments:

  1. Hi Igor, I admire your volatility display below GLD price. Would you share what you use for wave line input?
    Thank you!

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    Replies
    1. Hi fractepper, I use the Standard Deviation (20) with Bollinger bands (125, 1.5). Good trading!

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  2. Igor, do you have any update on GDX and SLV? Thanks!

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    Replies
    1. No, I don't, but the difference would be in support and resistance levels. They have a high level of correlation with GLD most time.

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