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Gold Futures - Dec 24 (GCZ4)

Real-time derived
Symbol
Exchange
Currency
GCDerivedUSD
XAUUSDc1IstanbulUSD
BORc1B3BRL
GDRTSc1MoscowUSD
SHAUc1SHFECNY
JAUc1TOCOMJPY
GCc1CMEUSD
GCc2CMEUSD
GCc3CMEUSD
GCc4CMEUSD
GCc5CMEUSD
GCc6CMEUSD
GCc7CMEUSD
Currency in USD
Disclaimer
2,647.10
+32.50(+1.24%)
Closed

Gold Futures Discussions

I was extremely busy all day today so I wasn\'t able to post anything. But in my last post I mentioned dxy (U.S dollar index) was extremely overvalued on a 5hr chart basis and a sell off in dxy should be expected. At the same time I also mentioned gold was forming a 5hr bullish macd, which should ultimately move gold higher. All this did occur and the 5hr bullish macd pushed gold from 1394 to 1428. Unfortunately the 5hr bullish macd started wearing out near the peak of 1428 today, and now there is a 5hr bearish macd forming in gold, which will push gold lower in the near term. Not to mention there is also a 5hr bullish macd forming in dxy (U.S dollar index), so a move up should also be expected in dxy. This is all very short term technical analysis. Overall on a weekly basis I remain bearish on gold still due to it being overvalued. It will take time to play out but eventually gold will head lower on a weekly basis.
Anytime a political figure speaks. I do the exact opposite.
 Just simply using the rsi technical tool and reading history. Every time the rsi on a weekly basis has gone above 70 (which means overvalued) gold has always went down since the beginning of 1979. The rsi technical tool was created in 1978 so there isn't any data prior to 1979 for gold. Now putting all technical tools aside, and looking at the issues around the global economy you can easily argue how undervalued gold is currently.
 Because I use to have hope in him, but now I'm not sure lol
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