Chart This!: What Yellen's Comments Do To Gold
Chart This!: What Yellen's Comments Do To Gold - Kitco
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pada 28 Feb 2014
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0:00.today on chart this scares in
the US is take on Jenny on speech yesterday simply
0:04.technical points and more
coming up
0:08.do
0:11.the and with me now is Gary
Wagner gary thank you for joining me today
0:17.thank you my pleasures always
alright so Janet Yellen yesterday goals band
0:22.most to the day moderately up
and then dip towards the end today in the
0:26.afternoon
0:27.now off-camera you're saying
this is something you were sort of expecting
0:30.I can you elaborate on that
please what you know you never know what to expect
0:34.from the bad except
0:35.we look at at at past meetings
in how how different governors or our new
0:40.chairperson reacted but
0:42.I think that there was
confirmation that interest rates would remain low
0:47.and I believe that that's what
we saw was a driving factor as we saw the
0:52.equities market share
0:53.at one point yesterday they
actually hit new highs
0:56.and all also rally at the same
time
1:00.now a good technical levels are
you looking for last time we spoke you
1:04.mention 1329 was a key level
1:06.now that was obviously breached
but when you see moving forward whether levels
1:10.are important that we should
look for
1:12.well I was looking at a
potential
1:15.ot top for the market somewhere
around 1329 it certainly
1:19.CD that and I believe the
intraday high so far
1:24.uh this week was 46% 1346
1:27.my number on top of that is
between 1359 1365
1:32.that's one top and that of
course the mother of all top so we really have to
1:37.overcome before going to
1:39.move back into a bullish mode
is 1435
1:42.that's on the upside not
getting into bullish mode now
1:46.the US economy obviously hasn't
been where people thought it would be so far
1:51.this year
1:51.getting dumber stones from fed
chair yellin' now
1:55.what would we look forward to
say gets into the 1400 those 1435 levels that the
2:00.you've alluded to
2:00.well you know Mike senses
2:04.that goal has been acting as
the
2:08.ultimate barometer really of
market sentiment uncertainty
2:12.as the stock market the
equities markets bill
2:16.we have seen businesses
generally
2:20.increase production but at the
same time when you look at the macro
2:25.economics we still have a ways
to go
2:28.so I think it's that kind of
fight that we have as we move out of the
2:33.re session that we have we're
certainly not in that now
2:37.but we're not in a full-blown
thriving economy yet and as we kinda
2:42.work that I'll I think that
that could in fact
2:46.be bullish for goal
2:49.and Gary what you got for us
today well the answer is going to be a short one
2:53.this week but it's really going
to cover
2:56.the levels that we talked about
meeting our offer local resistance point
3:00.as well as some other support
levels that we believe are portent for
3:04.investors
3:05.and traders watch as take a
look at the answers
3:08.there's no doubt we have seen
this market
3:12.have quite a substantial rally
since it hit that double bottom
3:16.at 1181 I'm today's
3:20.insert what I want to talk
about is one
3:23.really that the power of trend
analysis itself
3:26.our current Elliott Wave model
3:30.as well as some target pointer
pivot points that i'm looking at
3:34.in terms of where we think the
price of gold
3:38.is going to head over the next
to
3:42.to say six weeks now
3:46.what I've done as I pulled the
bar daily chart and on this daily chart
3:50.we've put in this really long
standing resistance line in this resistance line
3:55.I've talked about
3:56.probably at least every insurer
3:59.every other insert in the fact
was that as we made the series of top seized is
4:05.sending tops
4:06.we saw this market characterize
pace syriza
4:10.drops dramatic drops at that
but
4:13.most importantly these dramatic
drops
4:16.up here at the beginning to
find a
4:20.resistance trendline that
really needed to be overtaken before we could be
4:25.bullish in any way
4:26.we talked about the fact that
back in July of last year this is really our
4:30.only major rally that we had
4:32.and this rally was 1181 to
about 14 35
4:38.market comes back down I
believe that it s roughly a
4:41.the 1250 1260 area second stab
make shit up in again
4:46.it does not have the ability
really to break through
4:51.this long-standing resistance
line and that is why
4:55.as this marketplace first
for.net double bottom and that was our first key that
5:00.we could be looking at
5:02.a potential where we were going
to see a significant rally
5:05.as we form that double bottom
and the market began to move up
5:09.the point to which I said we
should really look for some kind a major break
5:14.in the market was this
5:15.intersection and it took a
little bit more than a week because as you recall
5:20.with this intersection itself
it didn't break above it
5:24.and then kinda traded in it and
around it
5:27.for about a week to a week and
a half
5:31.and of course you can really
see that when we go ahead and blow this chart up
5:36.so that we can really make out
these daily candles we can see the failure of
5:39.course
5:40.in these two areas and we could
see the significant
5:45.effort it took to actually
break above that but here's the key
5:48.if we take a look at the way
that the market was trading
5:52.price spike give much of it
back price spike
5:55.pretty solid are retracement
terms of percentage spike
6:00.again pretty solid retracement
spike pretty solid retracement
6:04.so we were getting the market
moving to higher ground
6:07.but doing it with significant
and hard retracements
6:11.all along the way now once we
actually broke
6:15.above this long-standing
resistance line
6:18.look at how that change we've
had this one almost parabolic but dynamic
6:23.rally if you recall our are
initial target
6:27.was roughly thirteen-a 29
6:30.we've actually she did that
this is 46
6:34.so we did get that and at the
time at this recording
6:37.which is Thursday we do you
have
6:41.the market backing of love
those heights new can see this right in here
6:45.this particular pattern right
here is simply called a bearish harami
6:49.but it is a potential pivot
point in the same way this star cloud cover was
6:55.but we're not getting any kind
of follow through yet
6:58.so what are we really looking
at and what do I believe this market
7:03.will probably do well
7:06.it is still absolutely my
belief that
7:10.we do have the potential to see
gold prices rise
7:13.I believe as high as 14 35 a
nexus last top
7:18.there's two different areas
that I feel above this particular price point
7:22.are key levels to look at as we
talked about in the interview
7:26.this first one runs at roughly
1362 1365
7:32.and then of course we have a
series of tops 1373
7:37.that is a 76 percent
retracement in the retracement that i'm looking at
7:41.is the entire retracement from
1435
7:45.down to call it 1185 and
7:48.this is the 76 percent
7:52.the sixty-one percent and the
fifty percent those are the ones that are
7:56.worth noting right now
7:58.in terms of supporting the
market I believe we've got some pretty strong
8:01.support
8:02.between 1302 in 1307 we have
multiple harmonics it show up in the Syrian terms
8:08.of Fibonacci retracement
8:10.and so I believe that that
should be supportive below the app though
8:14.there is a point at about 12 84
8:17.and that should be absolute
dramatic support
8:21.that's a 38 percent retracement
up this particular mu
8:25.so on the upside targets and
i'm looking at 1360
8:29.and 1373 in terms of support
8:33.i'm looking at 1309 and
8:36.12 eighty 1294 those are the
three areas
8:40.that i'm looking at in terms of
our different Fibonacci retracement levels
8:45.for those that want a little
bit more information on this topic
8:48.wanna dive a little bit deeper
as always there will be some bonus content
8:52.available on our website to
gold forecast acecomm
8:56.so simply go to our website
you'll need to be a chart this after the show
9:00.membership memberships
absolutely free
9:02.go ahead and click this link
here and that will take you to the sign up page
9:08.for the gold forecast after the
show
9:11.again Fibonacci retracement
levels and how they currently applied to the price
9:17.of gold in terms of support
9:19.as well as resistance levels
and these were going on today Gary much
9:23.appreciated
9:23.my pleasure as always always
wanna share what we can
9:27.with the viewers are chart this
our hopes of course is it affectively let
9:31.some become more profitable
traders
9:33.as well as investors and thank
you for watching this edition ob tried this with
9:37.Gary Wagner
9:39.remember starting Sunday March
2nd we're gonna be at the PDAC reporting
9:43.on the conference Meiji to an
end years
9:46.the
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