Gold Daily Video, 28 February, 2017

[Sive Morten]

Good morning,

Gold is started first step of our plan - retracement down. We expect that gold could re-test 1245 broken top:




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]

What concerns me is the big plunge on GDXJ yesterday. It has been the biggest plunge since gold started it's upside action by almost 10%.
10y US bonds dropped significantly as well.
I wonder if it marks some weakness coming to gold especially when we are coming close to march FED meeting.
Please also note that 1275-1285 area meets multi-month and even multi-year down trend line drawn through tops since 2011.This resistance had been effective last time during Trump's election before the long bearish streak started.
Yesterday gold's advance was stopped by important weekly 50 moving average which historically was very strong resistance.
In my opinion the first step for gold to prove it's bullish nature will be staying above weekly 50MA and then fulfill the real challenge to break through the long time down trend line currently around 1280 USD.