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Just experimenting. Notice the tails of the two big price bars below the 2% SMA envelope?
If it repeats to the upside then the above the high side would be 1391 area.
Thanks for all the great updates. I'm learning more each day. I was wondering about your envelope. Is that a download that can be found on futures.io (formerly BMT)?
(I don't know it there is this indicator at nexusfi.com (formerly BMT), but if you ask the question in the question box - I'm sure someone can help you.)
The chart above was from barcharts.com and once there you select technical charts.
A caution about the example above, when I am experimenting I keep trying different settings, until I get one that fits (in this case for the bottom-end). This "back-fitting" could have no predictive ability.
The percentage variation, in this case +-2.0% would only work for the same slices of time frames for gold - what is variance around the SMA. If gold started to trend more strongly then the variance would drop and the top line would be too high and the bottom line to low on a steep uptrend for a daily chart.
So what works depends upon your trading time-frame. As I did it for Jonc and he was looking for a multi-day target I used the parameters I did. However, I had already made estimates with the boxes and was experimenting to find something to help my pick between 1378.50-1380 and the higher 1391 area.
As moving averages are lagging indicators, they are best used to catch lows in an uptrend (highs in a downtrend).
here is the SMA35
(typo supposed to read "If I had.." - not "It")
The key thing that I am trying to stress is that, from my experience, it is best to make your target estimations in at least two different ways and see if you get the same answer from both.
I have took some profit but left some longs running. Considering the seasonal behavior of gold, there is a possibility that it will test the high of 1420 by June.
