Gold Daily Video, 03 March, 2017

[Sive Morten]

Good morning,

Recent price action makes us think that gold could turn to deeper daily retracement if 1230 support will be broken:



The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.

 

[Rabul]

My thoughts on gold.

Upward channel has been broken on the way down.
Gold is moving in well established downward channel now.
GDXJ increased its drop by another 8%.
USD index right shoulder penetrated through left shoulder top around 102.10, bullish sign for USD.
Silver plunged significantly and very quickly yesterday, very bearish signal. Silver was showing strength up till yesterday despite retracements, but yesterday it was not usual retracement it was devastation, showing no interest to recover from this plunge.
To me it looks like the same big guys moving the PM market up changed their direction. These are the same guys who managed to force gold to 1120 usd and then move up to 1260.
March rate hike is important because nobody expected this to happen so early. It leaves possibility for FED to tighten more aggressively throughout the year.