Gold, Silver, Platinum Forecasts – Gold Retreats Amid Broad Sell-Off in Precious Metals Market

I am posting this entry to put to the test a totally unproven extension on my forecast model, meaning that what comes next might very well be 100% fallacious. Nonetheless, the numbers I'm looking at suggest silver went from neutral most of Monday and Tuesday to bullish two thirds of the way through the second day.

If this bias is to continue, then the metal should hypothetically encounter support somewhere between 30.65 up to 30.85 or in that general neighborhood. Accordingly, if I get confirmation of a turn north in this zone, I plan to enter a long position.

XAGUSDM15.png
 
expiated said:
If I get confirmation of a turn north in this zone, I plan to enter a long position.
More...
Silver's previous bullish sentiment was negated when price broke through below the buy zone and is now neutral. Yet, my numbers still see another (lower) support level around 30.14.

SilverB.png
 
Last edited:
expiated said:
My numbers still see another (lower) support level down around 30.14.
More...
In that I now regard silver as overall bearish, I need to be ready to lock in my available profit as soon as I see any shorter-term bearish signal.

XAGUSDM.png
 
expiated said:
I am posting this entry to put to the test a totally unproven extension on my forecast model...
More...
So far, I'm feeling positive about the results of making the attempt to extend my measures for analyzing silver, and am now expanding this experiment to gold.

To characterize/interpret gold's price action, I'm initially using five categories of measures which I'm labeling as overall global price flow, general directional tendency, controlling momentum, rapid current and immediate trend.

Both the overall global price flow and general directional tendency have been bullish ever since the last half of the day on July 3, 2024. However, the controlling momentum just turned neutral eight hours ago and looks to be turning over. The rapid current is presently bearish, and the immediate trend is bullish.

XAUUSDH1.png


My plan is therefore to enter a short position as soon as the controlling momentum turns south—provided the rapid current and immediate trend are also pointed in that same direction. However, if the controlling momentum should somehow manage to resume its bullish trajectory, my plan is to enter a long position—but again, only so long as the rapid current and immediate trend display the same bias/sentiment.
 
Last edited:
expiated said:
In that I now regard silver as overall bearish, I need to be ready to lock in my available profit as soon as I see any shorter-term bearish signal.
More...
I've already pocketed the gains silver made available to me and am now waiting to short the metal.

Silver.png


My charts suggest that if silver intends to maintain its general overall bearish disposition, it will not violate (cross above) the boundary/diagonal line drawn to the right. Should it happen to do so, it will then become a buy candidate.
 
expiated said:
My charts suggest that if silver intends to maintain its general overall bearish disposition, it will not violate (cross above) the boundary/diagonal line drawn to the right. Should it happen to do so, it will then become a buy candidate.
More...
Gold remains in my neutral zone. However, silver signaled the resumption of its bearish constitution about two hours ago while I was still sleeping, so I hope it will, at this point, continue on its southbound trajectory...

XAGUSDH1.png
 
expiated said:
To characterize/interpret gold's price action, I'm initially using five categories of measures which I'm labeling as overall global price flow, general directional tendency, controlling momentum, rapid current and immediate trend.
More...

My numbers are telling me that gold has now hit a support level. I therefore will not be surprised to see it turn north on Friday or at the beginning of next week UNLESS it wishes to begin transitioning its "general directional tendency" from bullish (as it remains right now) to bearish.

XAUUSDH1.png
 
You must log in or register to reply here.
Back
Top