Commodities Analysis by Sunshine Profits (Przemyslaw Radomski, CFA) covering: USD/JPY, XAU/USD, XAG/USD, Gold Futures. Read Sunshine Profits (Przemyslaw Radomski, CFA)'s latest article on Investing.com
This has been one of the “the market can stay irrational longer than you can remain logical” cases, as gold has been moving higher relentlessly despite the USD Index’s broad bottom and breakout in the
The indicators pointing to medium-term tops are mostly already “too high” indicating an extremely overbought situation. This tells us that a big decline is coming. Since they are too high, however, they don’t necessarily tell us at what price level gold is likely to turn around. Consequently, we have to rely on other indications, and there is a particularly important one that provides insights into gold’s near-term target.
The lower part of the chart features the PMO indicator which also points to the situation being very overbought, and it also shows what happened in junior mining stocks when both were similarly overbought – major declines followed for months and, in fact, years.Day-traders might want to take advantage of the momentum here, but for other traders, either having or opening a short position in gold might seem more attractive.
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