GOLD – Targeting 1700?

– Gold has approached the upper Weekly Bollinger Band and hit resistance around 1800
– Stochastics generated a sell signal with a Shooting Star Reversal candle last week, followed by a bearish week

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Getting Mean with Bollinger Bands

After a discussion with a fellow trader it’s become apparent I have not been paying enough attention to good old fashioned Bollinger Bands. Here I take a look at reversal candles in combination with bollinger bands.

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LSE:BRBY (Burberry Group Plc)

– Failed to close above the 200sMA
– Formed a Shooting Star reversal candle
– Shooting Star has formed at top of Bollinger Band and near historical resistance on the Price Oscillator – this suggests a return to the 20sMA
– Personal Goods Sector is showing the same reversal pattern
– Current price action looks corrective to the primary trend but this is trading in the direction of the intermediate trend

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Here’s a thorough analysis of TALV (Talvivaara Mining Company Ltd) which is a Mining Stock I recently suggested to watch. Overall I think the longer-term bullish confluences look strong and the bearish confluences all point towards a retracement as opposed to continuation of the bearish trend.

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