Gold/US$ - Unwinding current overbought status
Date: 10th September,2016 by Timothy Straiton
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Current level at the time of writing is 1327.69, trading below the monthly pivot level of 1335 but above the rising 40 week moving average of 1240. The 14 week relative strength index has broken its recent rising trendline and we expect further downside corrective price action toward the Fibonacci 38.2 percent retracement level of 1249, measured from the July 2016 high of 1375 to the Decemeber 2015 low of 1045.85. Only a break above 1379 would put focus on the 1480 level.
The above represents the opinion and analysis of Mr Timothy Straiton, based on data available to him, at the time of writing. Mr.Straiton's opinions are his own, and are not a recommendation or an offer to buy or sell securities.
Mr.Straiton is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr.Straiton recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.
Although a qualified market analyst with over 30 years experience, Mr.Straiton is not a Registered Securities Advisor. Therefore Mr.Straiton's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.