Slope of Hope Blog Posts

This is the heart and soul of the web site. Here we have literally tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. You can also click on any category icon to see posts tagged with that particular category.

Gold on Track to 1400

By -

GOLD closed just above 1300 and the 50 MA for a second day in a row, as shown on the following Daily chart. The RSI and MACD downtrends have now been broken to the upside.

The next major resistance level is around 1400. I’d watch to see if the PMO indicator crosses and holds back above zero to see whether such a rally, or continued rally beyond that level, has legs.

In fact, there is thin volume above 1400, as depicted by the pink Volume Profile along the right-hand side of the Weekly chart below, so you could see a price surge above 1400 to, potentially, 1500, which is the next major resistance level. Watch for a Golden Cross of the 50 MA back above the 200 MA on this timeframe to confirm such a surge.

GOLD Daily chart

(more…)

Rude, Crude, and Totally Acceptable

By -

I am pleasantly surprised to see a normal – – boring, even – – number come out of the BLS. What a non-event, huh? I was worried they’d claim 3 million jobs were added and the unemployment rate was negative 2%. So at least we have that out of the way (although the news that the US government is warning of Al Qaeda attacks here on US soil next week is, umm, troubling).

Crude oil, the one market I was too stupid to realize Yellen has no vested interest in manipulating, continues to absolutely plunge, to the delight of my energy shorts. Keep it comin’.

1104-cl