Gold Long-Term Trend Is Bullish Despite Resistance
Commodities / Gold and Silver 2017 May 23, 2017 - 12:01 PM GMTBy: Ed_Carlson
Gold rallied $26.50/oz. last week closing at 1,252.70 and above the 200-dma. Gold is finding resistance from the December trendline and the detrended oscillator is overbought warning of a pullback. Gold priced in Euros (lower) isn’t very bullish on gold’s prospects either. Cycles have us looking for a decline into mid-May and possibly as early as last week.
Longer term, despite the whipsaw in Nov-Jan, the 34-month moving average is a good indicator of trend. Currently, gold is above the moving average making the long-term trend bullish. Seasonality is bullish in May.
Ed Carlson, author of George Lindsay and the Art of Technical Analysis, and his new book, George Lindsay's An Aid to Timing is an independent trader, consultant, and Chartered Market Technician (CMT) based in Seattle. Carlson manages the website Seattle Technical Advisors.com, where he publishes daily and weekly commentary. He spent twenty years as a stockbroker and holds an M.B.A. from Wichita State University.
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