Gold - the time is approaching to get bullish
Date: 1st December,2016 by Timothy Straiton
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Current level at the time of writing is 1169.01,
trading well below the 40 week falling moving average currently at 1279. We are currently below the 61.8% Fibonacci retracement level of 1171, measured over the 1374 - 1045 range and a further downside push to the 1123 area can not be excluded. We would however use the current bear phase to accumulate long positions. The 14 week relative strength index is now at 34%, while the 14 day relative strength index values have been well under 25% for the past two weeks.
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.