GOLD and SILVER Technical Trend

August gold futures closed up $13.60 at $941.00 yesterday. Prices closed nearer the session high yesterday and were supported by solidly lower U.S. dollar. Trading has turned choppy again in gold.

Prices are still in a four-week-old downtrend, but solid follow-through buying on Thursday and a bullish weekly high close would negate the downtrend and provide bulls with fresh upside technical momentum.

Bears' next downside price objective is closing prices below solid technical support at last week's low of $913.20. Gold bulls' next upside price objective is to push and close prices above solid technical resistance at last week's high of $949.00. First resistance is seen at yesterday's high of $947.00 and then at $949.00. Support is seen at $935.00 and then at $930.00.

Source: VantagePoint Intermarket Analysis Software
By: Jim Wyckoff

Gold and Silver Trading Trend

Gold and Silver are currently on downtrend after their price broke through the first level of support. Long term support for Gold is at $870, and Silver is at $12.

Gold Rise

Gold formed a short-term pennant. In the long term, breakout above $1000 would offer a target of $1200: 900 + ( 1000 - 700 ).

GOLD TRADING DIARY - UP BY $43

This is my entry for GOLD Trading.

Starting by using simple trendline, we can see a breakout at 863.50 level. Supported by both MA Crossover and RSI that's getting stronger, the GOLD Price advanced.



Sharing wisdom in trading: sometimes patience pays, as we can all see the price keep advancing to a higher high. It reached the top price at 879.36.



We can see from the chart above that 879.36 is the new high and once there was a break out, GOLD price advanced really hard. It then reached a new high at 899.66.

This makes the GOLD earned $43 in a day.