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Wesley Chapel, Florida, January 12, 2009 -- February gold futures on the Comex division of the New York Mercantile Exchange have recently seen prices back down from the December high of $892.00 an ounce.
There is strong near-term technical support located at the January low of $836.00 in February gold. Meanwhile, strong overhead chart resistance is located at the December high of $892.00.
Gold has recently become somewhat disconnected from its heretofore strong inverse relationship with the value of the U.S. dollar. However, the greenback continues to be a strong "outside market" force for the precious yellow metal. Look for gold to continue to be influenced by the U.S. dollar in the coming weeks and months. Indeed, the gold-U.S. dollar relationship is a classic example of Intermarket analysis.
The VantagePoint Intermarket Analysis trading tool (www.TraderTech.com) suggests more profit-taking and downside price pressure is likely in the near term. VantagePoint is a valuable trading tool that employs "Intermarket" analysis to forecast near-term price trends.
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Source: VantagePoint Intermarket Analysis Software
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See on the VantagePoint daily bar chart for February gold that the Predicted Medium Term Crossover study shows the blue predicted 4 day exponential moving average has just crossed below the actual black 10 day simple moving average close, which is a near-term bear signal.
The Predicted Medium Term Crossover is the predicted 4 day exponential moving average of typical prices two days ahead (P4EMA+2) crosses above or below the actual 10 day simple moving average close (A10SMA).
See, too that, the Predicted Moving Average Convergence Divergence (PMACD) has also just produced a bearish line crossover signal, whereby the black PMACD line has just crossed below the blue predicted "trigger" line of the indicator .
Predicted MACD is another way of using moving averages to predict market changes. Predicted MACD charts the difference between two predicted exponential moving averages and uses another exponential moving average of the MACD as a trigger for trading signals.
Predicted MACD (PMACD) predicts the moving average convergence divergence (MACD) one day ahead. MACD is a trend-following momentum indicator calculated by subtracting a 20-day exponential moving average from a 10-day exponential moving average. MACD Trigger (Trigger) predicts the MACD trigger one day ahead. The MACD trigger is calculated as a 9-day exponential moving average of the MACD.
When the Predicted MACD line crosses below the Trigger line, this predicts a possible reversal of the current uptrend to a new downtrend. When the Predicted MACD line crosses above the Trigger line, this predicts a possible reversal of the current downtrend to a new uptrend. Another crossover indicator occurs when the Predicted MACD crosses above or below the zero line.. Predicted MACD can also be used as an overbought/oversold detector when it pulls away from the Trigger, suggesting the price of the market may be due for a correction that will bring the averages back together. Predicted MACD can also be used to spot underlying strength or weakness when its movement diverges from the movement of prices.
About Market Technologies, LLC
Headquartered in Tampa Bay since its founding in 1979 by Louis B. Mendelsohn, with trading software customers in over 90 countries worldwide, Market Technologies is a fast growing, Inc. 500, company and recognized world leader in market forecasting. Market Technologies researches and develops proprietary trend forecasting and market timing technologies that utilize artificial intelligence applied to intermarket and hurricaneomic analysis, in order to forecast various commodity and financial markets throughout the world. These presently include, but are not limited to, stocks, stock indexes, ETFs, energies, interest rates, currencies, metals, grains, meats, softs and Forex, covering over 600 world markets. (www.TraderTech.com) |