10-19-2016 Precious Metals Prices
I believe sentiment in #gold and #silver has changed this week as we are coming into the weekly close.
I will concentrate on weekly charts on this video so that we, I can get through equities at the end. The change in sentiment is in, and there's lots of good momentum building.
During the end of the video, I will go through equities and watch particularly the reversals in gold and silver.
Things to watch for on the reversals are a retracement above 50% of the previous red candles moving momentum to the outside. Also, watch for reversals over the SMA 34 moving average as prices come down into support beautifully on the weekly charts. Watch for the #MorningStar three-bar pattern reversals just below the 34 SMA moving average. Finally watch in particular the consolidation back into the 34 SMA but merely missing its natural course of action i.e. price did not touch or come into close proximity of the SMA 34 on its retracement.
Classic reversal bars. Will momentum carry for the next couple days through Sunday's opening next week? If so we can see a dramatic reversal in price action.
Watch as I give my opinion on the markets using candlesticks, exponential moving average 8, exponential moving average 13, the simple moving average 34 with long-term charts.
