GOLD TREND November 07-11, 2011

November 11 

11-11-11

LUCKY DAY

Scenario for today

Correction zigzag 1742.39

Market should hold major support at 1727.04 before rising towards 1777.02 or even 1795.61 limit.

Key point	1,752.3800
Entry point	1,761.2900
Elliott	1,803.0300
Closing	1,758.4300
Projection	1,728.0800
Trendline	1,779.7400
Trendline	1,750.9000

Res 2	1,795.6100
Ex-High	1,775.3000
Res 1	1,777.0200
Pivot	1,756.7100
Sup 1	1,738.1200
Ex-Low	1,736.4000
Sup 2	1,717.8100

November 10

Trend turns are most likely to occur. As you can see the next trend turn is due. Not all the cycles work --- but enough to track them. They are excellent short term trend indicators. 

 

 

 

Our last trade on the daily button has us long at 1724 last week and exiting at 1802 on Tuesday -- less than a dollar from the top --- and less than an hour before the selloff began. The pink area is when the cycle high for this month was due to begin. If this is what we are seeing --- then the potential for gold to move to the 1735-1755 will be in play. Resistance is the 1783 and 1793 area on Thursday.

 

November 09

After testing levels near the bottom of the long term-multi-week- ascending channel , the shiny metal rallied to currently trade near the top of the channel , where stochastic could be topping within overbought area . Although the overall trend remains bullish, we expect a downside pullback from levels near 1800.00.

The trading range for the day is among the key support at 1725.00 and key resistance now at 1830.00.

The short-term trend is to the upside targeting 1945.00 as far as areas of 1475.00 remain intact.

Support: 1780.00, 1770.00, 1760.00, 1750.00, 1730.00
Resistance: 1800.00, 1815.00, 1825.00, 1843.00, 1860.00

Recommendation Based on the charts and explanations above, we recommend selling gold around 1800.00, targeting 1765.00 and 1725.00, stop loss with four-hour closing above 1830.00 might be appropriate. 

 

Gold Technical Analysis 8th & 9th November 2011. And Gold Went up!

 

 

Well well, Gold did go up didn’t she. Hope you all interpreted the Margin changes as a reduction and not a hike. The CME suddenly has a conscience. Well anyways the key question is still will gold continue to go up or down?

Gold has surged by 30 dollars in a single day. A 1.5% increase, gold can definitely head to 1800 before some major resistances.

Gold is getting too bullish in a short term time. This is not to say it won’t go higher because if it breaks 1780 convincingly 1810 to 1820 is definitely on the cards. The ultimate ceiling for gold is the previous high of 1900.

But now might be an opportunity for bears. If gold breaks the innermost trend line then a drop to 1745+ is healthy.

November 07

Scenario for today

Elliott: crucial reversal point 1747.59

There are initial signs of a good corrective recovery towards 1759.90 or even 1763.51. Supports at 1751.85 and 1747.41 zone.

Warning: Harami

Technical points

Key point	1,767.8100
Entry point	1,766.8600
Elliott	1,681.7500
Closing	1,754.6200
Projection	1,796.6700
Trendline	1,754.0800
Trendline	1,775.2200

Supports / Resistances

Res 2	1,772.3900
Ex-High	1,765.1800
Res 1	1,763.5100
Pivot	1,756.2900
Sup 1	1,747.4100
Ex-Low	1,749.0700
Sup 2	1,740.1900

 

CME Goes To Collateral Madness: Makes Maintenance Margin Equal To Initial

‘Which means that by close of business Monday, millions of options and futures holders will be forced to deposit billions in additional capital to the CME just so they are not found to be margin deficient, and thus receive a margin call.’ – Zerohedge

Please Note that these includes Gold and silver Futures in the Comex, and the Comex still controls the spot prices of Silver which will mean gold should fall on Monday to Friday! Even Oil and weather related Futures are not spared. Be prepared.
HOWEVER: THIS PANIC is unwarranted. It seems to be just a mass panic and bad conveying of message from the CME group. 
 

Will it happen? Hmmm perhaps, if it does a 5-10% drop is not unexpected. Anyways in the channel above, gold has hit the upper trend line and has broken the previous consolidation stage, perhaps this is the perfect excuse for gold to go down.



Intraday bias in gold remains neutral and consolidation from 1754 continue continue further. Another fall might be seen but we'd expect downside to be contained above 1604.7 support and bring another rise. Above 1754 should send gold towards 1923.7 record high. However, break of 1604.7 will indicate that price actions from 1535 are merely correction to fall from 1923.7 only and has completed. That is, fall from 1923.7 would then be ready to resume for another low below 1535.

In the bigger picture, firstly, gold is still staying inside long term rising channel from 681 and above 55 weeks EMA at 1530.7 and hence, the longer term outlook remains bullish. Strong support was seen inside 1478.3/1577.4 support zone as expected. Current rebound form 1535 might now extend further to retest 1923.7 high first. Decisive break there will confirm up trend resumption. Though, failure below 1923.7 will bring another fall to extend the consolidation between 1478.3 and 1923.7.

November 07-11, 2011

Gold prices slightly fell on Friday, as the strength of the U.S. dollar amid rising concerns over the European debt crisis, while the U.S. jobs report showed worse than expected job growth in October, but unemployment fell unexpectedly to 9.0%.

Nonetheless, the losses for gold prices were limited, as traders targeted gold as a safe haven amid the huge uncertainty that is surrounding the outlook for the European debt crisis, where the appeal of gold as a safe haven seems to have returned over the course of this week.

Traders will continue to monitor the developments from Europe regarding the debt crisis, especially amid the lack of major economic data from the United States, but overall, we expect gold prices to extend their rally over the coming period.