Daily chart
RSI 78, near High 85
MACD gap is wide
Monthly chart
RSI 80, near High 85
MACD still widens
=> It's near the time to correct.
In the Kitco News Gold Survey, out of 34 participants, 21 responded this week. Of those 21 participants, 19 see prices up, while two see prices down, and none see prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical chart analysts.
=> So bullish
London-based metals consultant GFMS, a Thomson Reuters research and advisory unit, is predicting that gold will peak at $1,900 an ounce at least for the next six months.
Now less bullish in short-term
Gold Advances to Record as Platinum Reaches High
The metal’s relative strength index has topped 70 since Aug. 5, a signal to some investors who study technical charts that the metal may be overbought and set to decline.
Exchange-traded product holdings fell for the first time in five days on Aug. 19 to 2,211.095 metric tons after reaching a record 2,216.756 tons on Aug. 8, Bloomberg data show.
Hedge funds and other money managers trimmed their net-long gold positions by 2 percent to 200,086 contracts in the week to Aug. 16, data from the U.S. Commodity Futures Trading Commission showed.
Gold has support given the risks are still there so I wouldn’t want to short gold in the current environment,” said Jeremy Friesen, commodity strategist at Societe Generale SA. - He would'nt buy either. WAIT ...
I got it, Correction!
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