Jan 13, 2012
UPDATE
As you see we got as low as 1635. What next ??
Jan 13, 2012
Gold first resistance for Friday is the 1653-1656 area.......
be careful as cycles are due to top in this timeframe........
and then the 1663-1667 zone............
Gold Options Expiration on 1/26/2012......
Europe reported today that they will put off IRAN sanctions for 6 months........
UPDATE
As you see we got as low as 1635. What next ??
Gold markets rose on Thursday as the push to buy this market continues. The bulls have decidedly taken control recently, and the move north has been impressive.
The candle formed at the end of the session does have us doubtful going into the Friday session. The shooting star is right at the $1,650 resistance session, and it appears that the break above that level was false. Of course, the signal isn’t in effect until we break one end of this candle or another and a break below the bottom of the range in the session would have this market more likely would be a continuation of the consolidation between $1,650 and $1,550. A break above the $1,650 level on a daily close has the market running much higher.
Because of the preceding facts, The candle formed at the end of the session does have us doubtful going into the Friday session. The shooting star is right at the $1,650 resistance session, and it appears that the break above that level was false. Of course, the signal isn’t in effect until we break one end of this candle or another and a break below the bottom of the range in the session would have this market more likely would be a continuation of the consolidation between $1,650 and $1,550. A break above the $1,650 level on a daily close has the market running much higher.
we are waiting to see how Friday closes
out before adding to our position or any other decision. If we fall, we will be looking to buy on signs of support down to the $1,550 level. On a break above – we will be buying on Monday.
Jan 13, 2012
Gold first resistance for Friday is the 1653-1656 area.......
be careful as cycles are due to top in this timeframe........
and then the 1663-1667 zone............
Gold Options Expiration on 1/26/2012......
Europe reported today that they will put off IRAN sanctions for 6 months........
As suspected gold has pulled down to the 1639 area as we were looking for the lower red adaptive average to be tested.
Hold here at 1638-1639 and attempt a bounce towards 1645.
BUT be careful --- if this 1638 area doesn't hold --- we should see a sharp drop down to 1629-1633.
Jan 12, 2012
UPDATE
Gold is trading at 1647 levels. Support is seen at 1560 levels while resistance at seen at 1661 levels. Stay away from longs until we see significant corrections. Look at Initiating shorts at good resistances. Outlook stays bearish: Look at shorts. Target 1500 again.
SPOT GOLD closed higher on Wednesday and the highrange close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible nearterm. Closes below the 10day moving average crossing would temper the nearterm friendly outlook. If it renews the decline off September's high, July's low crossing is the next downside target.
Scenario for today
One move lower to 1632.53 or 1622.97 is anticipated while below 1644.73 - 1649.51 area. Stop loss above 1656.92 zone.
Warning: Imminent end of bullish move
Technical points
Key point 1,652.4100
Entry point 1,643.7700
Elliott 1,605.1500
Closing 1,642.1000
Projection 1,647.1800
Trendline 1,626.7700
Trendline 1,652.0000
Supports / Resistances
Res 2 1,656.9200
Ex-High 1,647.3500
Res 1 1,649.5100
Pivot 1,639.9400
Sup 1 1,632.5300
Ex-Low 1,630.3800
Sup 2 1,622.9700
Jan 11, 2012
Current rise seems to be over near 1636.56 or 1645.83 for a retracement towards
1627.29 - 1620.79 area.
1627.29 - 1620.79 area.
Currently gold is challenging the old recent high of 1640, however a more important piece of news at least for the technical side.
Things are getting more positive for gold.
The momentum for gold is currently going up and the black line has not been breached, if gold does break the 1640 mark, expect a nice move towards the dotted line mark before another struggle.
Jan 10, 2012
Gold resistance for Tuesday is the 1622-1633 area..
Next FOMC 1/25/2012..Gold Options Expiration on 1/26/2012..
The "control boyz" would be best served when price gets near 1650 where there is much open interest...
That's where they will try and move price so they can cover the old puts and calls that will be expiring for the Feb contract..
Bond auction on Thursday for Italy and Greece..
Gold prices declined as market gained some momentum during Monday’s sessions after upbeat data from Germany, as the German exports inclined by 2.5% compared with the prior decline of 2.9%, noting that the trade balance showed a surplus of 16.2 billion euro better than expected in Germany.
However, the French president and the German Chancellor made slight progress regarding the new budget rules; while they provided markets with nothing new and further details were not seen, therefore, the euro remained mixed after the news as markets are still waiting for details on how leaders will solve the debt crisis and how they will apply the new budget rules.
Now, eyes will be spotted on this year, and the performance of the European economy, especially after the ECB lent the European banks huge amount of money, and if that money will help the euro zone to continue recovery process amid big challenges.
Accordingly, we should expect more fluctuations for gold, but should the current pessimism persist, we should expect gold prices to extend the rallies, however, the level of uncertainty is very high, and investors are ought to remain cautious.
However, the French president and the German Chancellor made slight progress regarding the new budget rules; while they provided markets with nothing new and further details were not seen, therefore, the euro remained mixed after the news as markets are still waiting for details on how leaders will solve the debt crisis and how they will apply the new budget rules.
Now, eyes will be spotted on this year, and the performance of the European economy, especially after the ECB lent the European banks huge amount of money, and if that money will help the euro zone to continue recovery process amid big challenges.
Accordingly, we should expect more fluctuations for gold, but should the current pessimism persist, we should expect gold prices to extend the rallies, however, the level of uncertainty is very high, and investors are ought to remain cautious.
Scenario for today
Elliott: crucial reversal point
Market should pop up towards 1617.57 or 1621.72 this bullish scenario would be damaged if
1608.39 - 1603.34 zone is broken, a severe break down could then occur.
Technical points
Key point 1,608.9100
Entry point 1,614.2500
Elliott 1,631.1200
Closing 1,611.6200
Projection 1,589.6800
Trendline 1,623.5300
Trendline 1,615.9300
Supports / Resistances
Res 2 1,631.8100
Ex-High 1,623.5300
Res 1 1,621.7200
Pivot 1,613.4300
Sup 1 1,603.3400
Ex-Low 1,605.1500
Sup 2 1,595.0600
Jan 09, 2012
Gold resistance for Monday is the 1622-1632 area............
next FOMC 1/25/2012..Gold Options Expiration watch on 1/26/2012.......
the "control boyz" would be best served when price gets near 1650 where there is much open interest...
that's where they will try and move price
so they can cover the old puts and calls that will be expiring for the Feb contract........
Euro leaders in panic again as emergency meetings this weekend on concerns of France triple
A credit downgrade and the other debt issues.......
Gold markets fell slightly during the Friday session as the Dollar continues to rally. The $1,650 level continues to offer resistance, and it looks like we may be due for a bit of a pullback in the near term. The market could consolidate between the $1,650 level on the upside, to the $1,550 level below. The overall health of the gold market is strong over the last decade, so we are only buying at this time. We like pullbacks, as they are going to offer this market at cheaper prices. We will continue to buy dips until we get a daily close sub-$1,500.
Scenario for today
Elliott: flat correction up 1624.46
It looks more likely that it would rise to 1628.93 - 1641.14 from 1612.81 or 1606.71. After which a downside move is expected.
Technical points
Key point 1,625.9300
Entry point 1,624.6000
Elliott 1,522.6200
Closing 1,616.7200
Projection 1,641.8800
Trendline 1,618.9800
Trendline 1,626.1600
Supports / Resistances
Res 2 1,641.1400
Ex-High 1,631.1200
Res 1 1,628.9300
Pivot 1,618.9200
Sup 1 1,606.7100
Ex-Low 1,608.9000
Sup 2 1,596.6900
YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
King Regards.
