14 October, 2014
The precious commodities market has finally started to recover. In October 6th, gold moved low as usual in the first few hours of the trading session, shifting very close to its December 2013 low. However, before the trading session ended, gold surprisingly settled $16 higher. Is this the start of gold’s upward trend? Let’s examine the chart below
(chart courtesy of sunshineprofits.com)
In October 5th, there was a huge decline so it’s possible that what’s happening is a corrective downsizing in the USD index. The odds of gold being on an upward scale will rise when it moves above its short-term support line.
The precious yellow moving closely to its December 2013 low is an important variable in analyzing its future movements. What happened is a reverse hammer candlestick, since it rallied right after settling close to last year’s low and then moving $16 higher after the intra-day session. The reverse hammer candlestick indicates that gold will be on a bullish trend and will most likely be followed be a bigger rally in the following weeks.
As for the precious white metal, it is also on an upscale trend, rising above its long-term support line. Silver is most likely going to rally based on this, combined with the precious metals market’s overbought status. Earlier in June, investment site BullionVault reports that hedge funds trading US futures and options saw an increase in bullish bets for the precious metals commodities.
Investors can go long in gold, silver, and mining stocks given that price movements since the beginning of the second week of October seems positive. Gold stocks getting close to their 2013 low is a major support level for their future price movements. With a positive outlook for the precious metals’ overbought status, the future of both gold and silver, as well as the metal mining industry, seems very bullish.
One simple method we can use, in order to begin to understand the concept of spreads in the forex market, is to consider the times when we...
Good news for cryptocurrency investors: starting from January 16th Grand Capital clients can deposit and withdraw funds in Ethereum. No commission is charged...
The year 2017 is over and, as usual, we sum up all achievements of the FortFS team got during the last year. 2017 was productive and brought new...
We are glad to announce that starting from 15.01.2018 the price accuracy for the following contract groups will be increased. Please take...
Starting from the 10th of January 2018 the commission percentage for cryptocurrency trading on ECN Prime account will be changed. Now the commission...
So you've got the latest and greatest PC. Tons of processor speed, mountains of RAM and the mother of all internet connections. Problem is...
FXTM would like to inform its clients that in observance of Martin Luther King Day in the USA our trading schedule will be subject to change on Monday, January 15, 2018.
The company’s average monthly turnover has risen by 27% and now amounts to $6 billion. The number of our clients has also grown by 40%...
We would like to inform you that in accordance to our liquidity providers demand starting from 12.01.2018 the leverage for the cryptocurrencies...
|4||Fort Financial Services||73%|