{"id":1838,"date":"2022-11-01T05:31:02","date_gmt":"2022-11-01T05:31:02","guid":{"rendered":"https:\/\/prendergast.net\/?p=1838"},"modified":"2022-11-01T05:31:02","modified_gmt":"2022-11-01T05:31:02","slug":"gold-caution-still-warranted","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=1838","title":{"rendered":"Gold &#8211; Caution still warranted"},"content":{"rendered":"<div id='post-thumb'><img alt='' src='https:\/\/markethive.com\/uploads\/david-ogden\/images\/blog_349310.gif' style='height:1px; width:1px' \/><\/div>\n<p><span style=\"font-family:Liberation Sans,sans-serif\"><span style=\"font-size:x-large\">Gold &#8211; Caution still warranted<\/span><\/span><\/p>\n<p>The bear market rally currently transpiring in stocks has momentum on its side, with the upper range target at the cross-section between the upper resistance line and the 50-week moving average as the standing target. The below chart is an update of the S&amp;P futures chart on a weekly basis; note the stochastic RSI looks like it wants to reach all the way to overbought as well.<\/p>\n<p><img alt=\"\" src=\"https:\/\/markethive.com\/uploads\/david-ogden\/images\/posted-images\/dollar_1031(1).gif\" style=\"height:360px; width:720px\" \/><\/p>\n<p>Although Thursday&rsquo;s action in gold looked constructive for a close over $1650 into the end of week, the opposite occurred when sellers knocked gold down $20 on the spot. The below weekly chart shows the importance of the $1650-85 range (highlighted in yellow). Gold bulls really want to see prices bottom out and make a run that can hold up. If the yellow highlighted area becomes firm as resistance after having served as support over the past two years, bulls will be in for a lower-priced opportunity as the door to $1,535 opens up.<\/p>\n<p>Traders in metals derivatives might strongly consider taking out some downside insurance in this environment.<\/p>\n<p><img alt=\"\" src=\"https:\/\/markethive.com\/uploads\/david-ogden\/images\/posted-images\/dollar_1031.gif\" style=\"height:360px; width:720px\" \/><\/p>\n<p>By Jonathan Da Silva<\/p>\n<p>Contributing to kitco.com<\/p>\n<p><strong><a href=\"https:\/\/kms.kinesis.money\/signup?referrer=KM13461268\" style=\"color:#000080; text-decoration:underline\">Time to buy Gold and Silver on the dips<\/a><\/strong><\/p>\n<p><\/p>\n<p>Tim Moseley<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold &#8211; Caution still warranted The bear market rally currently transpiring in stocks has momentum on its side, with the upper range target at the cross-section between the upper resistance line and the 50-week moving average as the standing target. The below chart is an update of the S&amp;P futures chart on a weekly basis; &hellip; <a href=\"https:\/\/prendergast.net\/?p=1838\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Gold &#8211; Caution still warranted<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[290,291],"_links":{"self":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/1838"}],"collection":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1838"}],"version-history":[{"count":0,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/1838\/revisions"}],"wp:attachment":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}