Saturday, May 21, 2016

Gold, on daily chart it goes down to $1250, there's some support (50 MA) there. Could go even lower to 200 MA there.
On weekly chart it drops for three weeks. so it has pressure to continue goes down obviously.

Last Wednesday brought up the message of Dollar (increase rate possibilities) which cause the stock drop heavily. I was thinking if there's not such message, the gold will go up.

Overall gold is still in bull market (50MA is on top of 200 MA, and 200 MA 's direction it is move up)

My strategy is I am not sale my bull HGU for loss. I still own portion of HGD to cover the loss on HGU.

Next week,

  1. Wednesday again an event day. 
  2. can oil goes up to $50? If it goes to 50, gold will also move up. 

It looks DXY is on up channel, that is why Gold and Silver is losing, can DXY drop next week? doji there, lets wait the direction on Wednesday.