12/28/2023 0 Comments Historic gold pricing![]() Now this is exactly how to read long term charts: determine the ultra-important price points when it comes to dominant trends but zoom in to see how the market reacts on those important price levels.This page presents a tabular representation of historical data, detailing the gold prices in Pakistan from July 28, 2023, to July 27, 2022, covering the last one year. This might happen in 2019 already but, for this, we need the lower timeframes. That’s also what we have been repeating recently: the importance of $1200.Īs gold is getting a bid now we expect gold to rise to $1650 at a certain point where it will meet heavy resistance. ![]() What this 40 year gold price chart learns for 20 is that there is a fair chance that gold’s price will rise to the top of this channel provided that 1200 holds strong as a monthly close. Who could imagine that it has value at the present day? Look how this 1982 peak created a subchannel which provided support since 2016, during the heavy gold bear market as it marked the ultimate low of this bear market. It requires some digging and analysis in order to identify it. What is truly exceptional is the rising channel which is really not visible to many. You see why we choose the gold price historic chart on 40 years as the most relevant showing dominant trends? Dominant trends on the 40 years gold price chartīelow is the gold price historic chart on 40 years. But between 19 there was not such a relevant price action. If we apply all this to the gold market it is clear that any gold chart after 1971 should be taken seriously. A fact that is kept secret by chartists is that rising channels which are the most dominant trends have their roots in major peaks and subsequent consolidations. Second, chart-wise, the major peak of the gold price was set in 1980, and the longest consolidation in gold’s history. So any historic gold price chart should be after that date, as before it was not really relevant. That’s when President Nixon took the U.S. And it is visible on the chart itself.įirst, market-wise, the gold price started trading ‘freely’ with an open market in 1971, on August 15th. ![]() In other words why do we consider the gold price historic chart on 40 years more important than the 80 years chart or the 10 years chart? Why do we consider the gold price historic chart on 40 years so important? Ultimately, it pays off in your gold investments. Our point here is that it is imperative for gold investors to spend sufficient time analyzing the chart structures on the long term historic gold price charts combined with the shorter term time frames. In such a scenario we prefer to give the market time to show a direction. This is always tricky, as time frames are not aligned. IF the gold price historic chart on 40 years suggests that the gold price is heading into secular resistance but the 2 year chart shows a totally different picture then we talk about ‘divergence’. The opposite is true as well, and here it becomes interesting. ![]() So say that the gold price historic chart on 40 years shows a pattern in which the gold price is moving, and there is a similar conclusion from the 10 year and 2 year gold price chart it would classify as a ‘confirmation’ of the different time frames. In the ideal world the longer term charts confirm the shorter term charts. These dominant trends influence both long and short term trends. That’s because the most dominant trends are visible on historic charts. It is crucial to always take a top down approach, in any market and for any investment. The importance of any gold price historic chart When it comes to gold we would argue that the most dominant trend is visible on the historic 40 years gold price chart. The big problem with short term gold ( GOLD) price analysis as well as short term oriented gold news is that it distracts from what really matters, i.e. ![]()
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