Some of our collegues plan to buying gold. But situation still bearish. When we look at 60 min chart, we should achieave 1095, before talking about growing. On the daily chart price must higher then 1107, and global price must be higher then 1197. Before we could say that bearish trend broken price should cross these important levels and consolidate above them.
Be carefull with purchasing.
My opinion is that you should only buy gold as a long term investment. Note that we are still waiting on FED decision (on 16-12-2015) regarding the interest rates and how (if) it will affect gold price on short term. But on the long term gold should be always bullish..just wait for next panic on the stock markets;)
During past 20-30 years gold raised together with stock markets and falls together stock markets. Gold is not an investment instrument that everyone bought when markets fall.
I completely agree gold is not the investment to opt for when market falls. But we have seen gold to play inverse role with USD. i mean when US dollar picks up Gold demand decreases because bullion becomes costly for investors in other currencies. From the forecast, i am holding a very bullish view for gold. Technically no doubt gold is reflecting a very bearish picture but theoretically i will say its rate should be around $1150- $1200 and i think it have touched its bottom. Level of $1050 acts as a very strong support. it has already plunged more 10% this year so from i experience i will suggest to stay bullish on gold. Also strong stimulus from China and Europe for its country will also boost demand for precious metal.
I have programmed a gold-strength indicator for MT4. It measures relative strength of gold vs: USD, GBP, AUD and JPY. So if you like trading gold like I do, check this out, it's completely free:
Gold forecast for the week of December 28, 2015 Gold markets rallied slightly during the course of the week, as the $1060 level offered significant support. However, even though this is a relatively positive looking candle after a hammer, the reality is that there is quite a bit of bearish pressure on this market. We are not willing to buy this market from a longer-term perspective until we break above the $1100 level. On the other hand, any resistive candle after a rally would be a selling opportunity, just as a break down below the bottom of the hammer from the previous week would be.
Gold / Silver / Copper futures - weekly outlook: Dec. 28 - Jan. 1 Gold ended higher in an abbreviated trading session Thursday, as weakness in the U.S. dollar supported prices before the Christmas break. Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
Global financial markets closed early on Thursday, Christmas Eve, and remained shut for Christmas Day on Friday.
Gold for February delivery on the Comex division of the New York Mercantile Exchange tacked on $7.60, or 0.71%, to close the week at $1,075.90 a troy ounce. For the week, prices of the precious metal rose $10.90, or 1.03%, just the second weekly gain over the past ten weeks.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, settled at 98.02 by close of trade, down 0.72% for the week.
The index fell to a more than one-week low of 97.94 earlier Thursday, as investors booked profits on their bullish dollar bets following the Federal Reserve's widely-anticipated interest rate hike last week.
With the first U.S. rate hike since 2006 out of the way, the focus is now on the pace of future rate increases. The Fed, from its forecasts, is anticipating four rate hikes next year. However, the Fed funds futures currently suggests there will be just two rate increases, one in June and one in December.
Mixed U.S. economic reports released throughout the week failed to offer clues as to how fast the U.S. central bank will raise interest rates next year.
Data on Tuesday showed that the U.S. economy grew 2.0% in the third quarter, downwardly revised from a preliminary estimate of 2.1%, but above expectations for 1.9%.
Traders Expect Range-Bound Gold During Holidays, Unless Major Geopolitical Crisis Emerges Analysts look for the gold market to stay within its recent trading range between Christmas and New Year’s Day, although they caution there is also potential for an outsized move should there be any breaking geopolitical news that impacts markets.
Gold edged higher this week. Around 12:30 p.m. EST, the Comex February futures were at $1,075.80 an ounce, up $10.20 from last Friday for a gain of 1%. March silver rose 29.5 cents, or 2.1%, for the week to $14.375.
Retail and professional investors alike are bullish for the next week in a pair of Kitco surveys. Among retail investors voting in an online poll, 83 people, or 46%, look for an uptick in prices next week. Sixty-eight respondents, or 37%, are bearish, while 43 people, or 13%, are neutral. Among market professionals, seven of 14 respondents, or 50%, look for a gain. Three analysts, or 21%, expect lower prices, and four, or 29%, are neutral.
The gold market is likely to be thin, with many traders taking off the week between the two holidays, observers said. Further, many participants have closed their positions ahead of year-end.
“Unless there is some kind of geopolitical event, I don’t expect the market to do much,” said Daniel Pavilonis, senior commodity broker with RJO Futures. “I can’t imagine there is going to be anything eventful going on next week unless there is some serious geopolitical situation or event outside of the market norm.”
The U.S. economic calendar is light next week, with the main reports being consumer confidence due out Tuesday, then weekly jobless claims and the Chicago Purchasing Managers Index next Thursday.
Barring any breaking news, Afshin Nabavi, head of trading with MKS (Switzerland) SA, said he looks for a potential trading range of $1,065 to $1,085 an ounce.
I liked your strategy as Your Relative Strength Indicator is completely following the charts but don’t you think for longer term only one indicator view is not just enough. I may be wrong but as I am also a technical follower, I composite my strategy with RSI + MACD + TSI. I also follow moving averages. On my view there is probability gold prices might touch the levels below $1000. Investors are watching for support at $1045. The strengthen dollar in coming year might dominate gold.
Gold in ranging this month. I don't think it will change
I do totally agree with you, for the long term prediction you always need to do your homework and look at the market fundamentals. However this indicator is very cool since it measures the relative gold strength vs 4 different currencies. It simply tells you if the gold is strong or not. See updated screenshot for 2016: