I’m not sure if this falls under forex (I suppose it does not) but I would like some opinions or advice on the following:
Do our indicators (the ones that we use for forex) also work for commodities e.g. Gold?
I’m talking about things like MACD and Parabolic SAR etc. etc.
I suppose the main reason that I ask is that with Gold, for example, CCI on the daily chart a couple of days ago showed that Gold was way oversold BUT (and here is the clanger) for once EVERY SINGLE ANALYST has the same opinion i.e. that Gold will touch $700.00 USD at some point in the near future and in the long term will go way beyond that.
The point is that these forecasts are in direct conflict with the CCI indicator.
A thing of beauty that I discovered today (just as a matter of interest):
Gold and the ZAR on the daily charts follow each other to the letter. Pick any date on the Gold chart and then go to the same date on the ZAR chart - perfect unison every single time!
What I need to know is if there is any currency pair that works exactly opposite to the price of Gold i.e. not like the ZAR that follows the Gold price to the letter?