IMPORTANT GANN ANGLES IN PLAY
To update ourselves on market price realities of GOLD & SILVER and, at the same time, further distance ourselves from market propaganda let’s pull back to the solid world of mathematics, geometry and WD GANN.
By applying a sense of balance to market prices to separate time periods (Daily and Weekly) we can plot the angles which WD Gann made famous. I’m speaking now of the 45 degree angle applied in a disciplined way to the Gold & Silver markets.
You can view the results in the two charts following for both the Gold and the Silver markets. The results will show that on the daily basis weakness in price persists.
First, the SILVER market which is the weaker of the two at present:
This market remains below it’s long-term 45 degree price angle and also it’s shorter-term Daily price angle (shown on the chart above).
The bottom line?
Silver remains weak and the pressure is to go still lower in price on just the momentum angle analysis alone.
As for the GOLD market, as you can see below, Gold has also adhered to the downward price pressure as indicated by the declining price angle shown for the daily prices.
The longer-term perspective for Gold prices is not as weak as the shorter-term lines indicate.
In fact, we’re about $300 above the critical angle from the 2013 High in Gold.
We’ve hit the support angle long-term four times this year so far, but, to touch it again would require a much larger fall in Gold prices (as mentioned $300 further downwards as of this date.
Gold prices are presently favoring a less steep descent of around $50 every 2-weeks as shown in the chart.
Newcomers can check this website’s archives where you’ll find that I predicted these lower Gold prices some time ago using other techniques (like the Excalibur Method).
I haven’t altered my outlook on the present downtrend for the solid reasons presented by these techniques.– George