Gold has been in a major funk along with the rest of the commodities. Recently it started to look a little better. We can see the SCTR ranking recently broke above 75 and pulled back. Now it looks set to charge up again.
This morning the price action is testing horizontal resistance around 109-110 but the wave form on the MACD looks very similar to the wave form back in December 2014. I think its time to watch gold closely. Any further weakness in the US Dollar ($USD) should really help this run.
For more information on the setup in Gold, check out the webinar archive from the Commodities Countdown webinar on Thursday. Commodities Countdown 20150917.
Good trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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