Dec 21st 2020 Gold Update
Just a quick update on gold, which we have been highlighting recently in our market blog posts.
Gold reacted off important higher timeframe F3 nodes, and will be interacting with Monthly MACD Predictor.
GOLD Weekly Chart
This came after Price 'printed' a RRT against golds 200 MA.
Our techniques have given us plenty of 'clues' to get on board this trade on the long side.
The question now is how will gold trade from here?
My take :
GOLD Daily Chart
As long as gold trades above its 200 Moving average we need to maintain an upside bias. Currently we should face some resistance against COP f3 agreement nodes but the real resistance will be against F5 + important structure highs.
Gold needs to break above that in order to begin a new trend higher - which is what we are seeing now on Bitcoin ( which broke previous all time highs last week )
BTC-USD
Gold and Bitcoin share some similarities in that they are both a hedge against inflation risk. Current weakness in the US dollar supports that claim.
But it will be interesting to monitor the price of gold as we get closer to Jan 2021, with the US elections ( and the lawsuits surrounding election fraud ) reaching its conclusions.
The political situation that is still developing in the US, could yet have an impact on how gold, equity markets, and how the US dollar, trades from here.
In a recent interview Joe DiNapoli did with Larry Pesavento, Joe weighed in heavily on gold, and the US political situation, and how markets might eventually trade moving forward.
You can access the interviews in the links below :
Wallstreet Conversations
Larry Pesavento & Joe DiNapoli Part 01
Larry Pesavento & Joe DiNapoli Part 02
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Author
Joseph AuXano
Author
Joseph Auxano, is an active trader with more than 13 years of market trading experience. He obtained his degree in Finance from the University of Singapore. His passion for the markets started early. He was already actively involved with the stock markets before landing his first Job as a Trader at a Commodity Trading House in Singapore. His fascination for the markets continued to drive his search for the Holy Grail of Trading, and his research on Fibonacci Techniques. This led him to discovery of DiNapoli Levels in 2007. Since his training under the tutelage of Veteran Trader Joe DiNapoli, he has since developed as a Professional Trainer and a full-time trader. It was with DiNapoli techniques, that he discovered first hand the freedom that came with trading. He has traded the markets out from Toronto, Miami, Siesta Keys, Singapore, and is now trading the markets out of Bangkok Thailand. Joseph Auxano is an Authorized DiNapoli Expert, representing DiNapoli Levels Methodology in the USA, South America and around Asia. In 2019, with the help and approval of Joe DiNapoli, Joseph developed the DiNapoli Academy Online Course, with the goal of helping aspiring traders in their journey with Dinapoli Trading Techniques.
