{"id":21294,"date":"2023-10-19T07:30:27","date_gmt":"2023-10-19T11:30:27","guid":{"rendered":"https:\/\/www.jeffclarktrader.com\/?p=21294"},"modified":"2023-10-19T07:30:27","modified_gmt":"2023-10-19T11:30:27","slug":"deja-vu-in-the-gold-industry","status":"publish","type":"post","link":"https:\/\/jeffclarktrader.com\/market-minute\/deja-vu-in-the-gold-industry\/","title":{"rendered":"Deja Vu in the Gold Industry"},"content":{"rendered":"

It’s been a wild month for gold.<\/p>\n

The shiny, yellow metal slapped bullish traders with a big decline in late September. And it slapped the bears just as hard over the past two weeks.<\/p>\n

Today, I’m going to predict who gets slapped next…<\/p>\n

When we looked at gold last month<\/a>, we noted the metal looked set to make a big move in reaction to the September Federal Open Market Committee (FOMC) meeting.<\/p>\n

The chart had formed a consolidating triangle pattern and all of the moving averages were coiling together. There was lots of energy building to fuel a big move.<\/p>\n

That energy was spent on the downside as gold lost $125 an ounce in less than two weeks.<\/p>\n

Here’s an updated look at the chart we showed you last month…<\/p>\n

<\/p>\n

\"Image\"<\/p>\n

But the brutal decline in late September was matched by an equally brutal rally over the past two weeks. Gold trades today at the same price it traded last month – before all the drama.<\/p>\n

Indeed, if you had fallen asleep on September 19 and then woke up this morning, it would seem like nothing had happened.<\/p>\n

The question now is, “Where do we go from here?”<\/p>\n

Gold has rallied back above all of its various moving averages. That’s bullish.<\/p>\n

But those moving averages are still in a bearish formation – with the shorter-term 9- and 20-day EMAs below the 50-day MA. This setup typically does not support sharply higher prices.<\/p>\n

<\/p>\n

\n
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Free Trading Resources<\/strong><\/p>\n

Have you checked out Jeff’s free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career \u2013 at zero cost to you. Just click here<\/a> to check it out.<\/p>\n<\/p><\/div>\n<\/div>\n

<\/p>\n

So, it seems to me that gold most likely needs to spend several days chopping back and forth between $1,925 and $1,975, consolidating the recent rally. This sort of action would give the short-term moving averages enough time to catch up to, and rally above, the 50-day MA – thereby shifting into a bullish formation.<\/p>\n

If that happens, then the gold chart will have the sort of bullish setup that supports a continued move higher toward new all-time highs above $2,050 per ounce.<\/p>\n

Best regards and good trading,<\/p>\n

\"Signature\"<\/p>\n

Jeff Clark<\/p>\n

<\/p>\n

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READER MAILBAG<\/h2>\n<\/div>\n

Have you been watching this gold roller coaster?<\/p>\n

Let us know your thoughts – and any questions you have – at feedback@jeffclarktrader.com<\/a>.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s been a wild month for gold. <\/p>\n","protected":false},"author":55,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"service":"","footnotes":""},"categories":[1],"tags":[],"publication":[10],"person":[7],"newsletter-type":[],"ticker":[],"class_list":["post-21294","post","type-post","status-publish","format-standard","hentry","category-market-minute","publication-market-minute","person-jeff-clark"],"acf":[],"_links":{"self":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/21294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/comments?post=21294"}],"version-history":[{"count":0,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/21294\/revisions"}],"wp:attachment":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/media?parent=21294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/categories?post=21294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/tags?post=21294"},{"taxonomy":"publication","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/publication?post=21294"},{"taxonomy":"person","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/person?post=21294"},{"taxonomy":"newsletter-type","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/newsletter-type?post=21294"},{"taxonomy":"ticker","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/ticker?post=21294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}