Gold, Silver futures issue counter-trend sell signals (1/13)
Trading commodity futures and options involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge and financial resources.
Gold futures declined today (1/13) along with silver as the U.S. dollar index rallied.
This move lower for February gold futures gives me a King’s Cross counter-trend sell signal on the daily chart. I usually do not comment on King’s Crosses but I have been waiting for this one for some time now. Although the trend is up on the daily chart, the 50-day SMA is pointing down which indicates to me in the long term the trend remains down. On the weekly chart gold gave a sell signal two weeks ago and has retraced up to some strong resistance. Gold is also bumping against strong resistance area on the monthly chart as well.
Silver (March) futures are also giving a King’s Cross counter-trend sell signal on the daily chart today. The trend, according to the 50-day SMA, is also down on the daily chart. Silver also gave a sell signal two weeks ago on the weekly chart and is bumping into resistance on both the weekly and monthly chart.
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