The Gold Market Review

While the "CoT-Report" signal improved to neutral we got two new sell signals. One comes from the SPDR Gold trust Holdings. The other one is likely more important and was issued by the US-Dollar who seems to get ready for a bounce/recovery over the coming weeks. A stronger dollar should at least limit the precious metals sector for a couple of weeks.

Technically gold was able to bounce off the 1,240 USD level. The triple support zone consisting of the 200-moving average, the lower daily bollinger band and the uptrend line since last December did hold as expected.

The only problem gold´s daily chart is facing right now is the bearish embedded stochastic. This might change in the coming week opening the chance for another attack towards 1,280/1,290 USD. Otherwise gold will likely test 1,240 USD again and probably break lower towards 1,220/1,210 USD.

In the bigger picture gold is running into the apex of a huge triangle pattern. The breakout will happen soon - probably until mid of August. Generally a triangle can break either to the up- or downside but I am pretty sure that gold will finally push through the six-year downtrend line and start the long awaited run towards 1,500 USD in the second half of 2017.

********

If you like to get regular updates on our gold model, gold and bitcoin you can subscribe to my free newsletter here: http://bit.ly/1EUdt2K

© Florian Grummes 2017 all rights reserved

Hohenzollerstrasse 36, 80802 Munich, Germany

Disclaimer & Limitation of Liability

The above represents the opinion and analysis of Mr Florian Grummes, based on data available to him, at the time of writing. Mr. Grummes's opinions are his own and are not a recommendation or an offer to buy or sell securities. Mr. Grummes is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in the Midas Touch. As trading and investing in any financial markets may involve serious risk of loss, Mr. Grummes 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 and experienced stock market analyst, Florian Grummes is not a Registered Securities Advisor. Therefore Mr. Grummes'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. The passing on and reproduction of this report is only legal with a written permission of the author. This report is free of charge. You can sign up here: http://eepurl.com/pOKDb

Hinweis gemäß § 34 WpHG (Deutschland):

Mitarbeiter und Redakteure des Midas Touch Gold Newsletter halten folgende in dieser Ausgabe besprochenen Wertpapiere: physisches Gold und Silber, Bitcoins sowie Gold-Terminkontrakte.

Imprint & Legal Disclosure

Anbieterkennzeichnung gemäß § 6 Teledienstgesetz (TDG)/Impressum bzw. Informationen gem § 5 ECG, §14UGB, §24Mediengesetz 

Herausgeber und verantwortlich im Sinne des Presserechts / inhaltlich Verantwortlicher gemäß §6 MDStV 

Florian Grummes 

Hohenzollernstrasse 36 

80801 München

Germany

E-Mail: [email protected] 

Website: www.goldnewsletter.de