Tronlink Wallet Airdrop: GOLD TREND Jan 16

Jan 20, 2012

Gold high for the week 1670 -- low 1631..close 1662..
Gold Options Expiration on 1/26/2012..
The short term trend remains up..
Big week coming up with FOMC
Federal reserve meeting (think QE3)...
Everybody else is thinking it
The Chinese New Year begins..
The 2010 and 2011 holiday was the start of the precious metal rallies for those years..

Gold first resistance on Friday is 1665 -1672
First support is 1638 -1644 area..
Gold Options Expiration on 1/26/2012..
The short term trend remains up.........

Gold prices declined as the USD lost strength following the upbeat jobless claims, as the number of Americans filing for unemployment insurances dropped by 50 thousand to 352 thousand last week, from a revised 402 thousand, the lowest in almost four year and beating analysts’ median estimates of 384 thousand. In essence, markets were filled with optimism after the Spanish and French auctions went pretty good.
The sentiment improved in the market today after the Spanish and French bond auctions, as Spain sold 3.009 billion Euros of 5.85% 2022 bonds, on an average yield of 5.403%, compared with the previous of 6.975% recorded in the November auction. Demand for these bonds was 2.17 times the quantity offered compared with 1.54 times an auction earlier.
Accordingly, we should expect more fluctuations for gold, but should current pessimism persist, we should expect gold prices to extend the rallies, however, the level of uncertainty is very high, so traders are ought to remain cautious.

Scenario for today

Elliott: irregular flat correction up 1670.81
While above 1653.98 - 1648.59 zone a corrective upmove could test 1664.39 or 1669.42.
After which it should resume its downtrend.
Warning: End of trend

Supports / Resistances

Res 2 1,680.1800
Ex-High 1,670.1200
Res 1 1,669.4200
Pivot 1,659.3600
Sup 1 1,648.5900
Ex-Low 1,649.3000
Sup 2 1,638.5300

Jan 19, 2012

Gold first resistance on Thursday is 1670-1682
First support is 1645-1655 area
Gold Options Expiration on 1/26/2012
The short term trend remains up.

Gold prices inclined as the USD lost strength despite the German and Portuguese bond auctions that showed an spike in demand, increasing demand on the euro- area common currency, accordingly, the euro rose against US dollar, while stocks in Europe pared earlier gains.

Euro advanced sharply against the U.S dollar after the International Monetary Fund said that it could expand its capacity to 1 trillion dollars from 385 billion dollar in order to support the global economy and prevent the debt crisis from spreading outside the euro-area region.

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: irregular flat correction up 1670.81
Currently uptrend should end around 1661.20 - 1667.33 area.
A correction down to below 1647.73 is expected.
A rise above 1674.67 will abort the expected correction.

Supports / Resistances

Res 2   1,674.6700
Ex-High   1,662.4000
Res 1   1,667.3300
Pivot   1,655.0700
Sup 1   1,647.7300
Ex-Low   1,642.8000
Sup 2   1,635.4700

Jan 18, 2012

Gold first resistance on Wednesday is 1663-1669 and first support is 1635-1641.
Gold Options Expiration on 1/26/2012.

Scenario for today

Elliott: common flat correction up 1662.18
Resistances lie around 1660.25 and 1666.36. It should test lower towards 1640.46 zone.

A clear break of 1648.28 would be bearish.

Supports / Resistances

Res 2   1,680.0400
Ex-High   1,667.8200
Res 1   1,666.3600
Pivot   1,654.1400
Sup 1   1,640.4600
Ex-Low   1,641.9300
Sup 2   1,628.2400

Gold is currently still on a strong uptrend, for a long term trading position, longing should still be the sentiment of trades, however a good Take profit zone might be the dotted line. I would personally stop trading when Friday nears, options expiry is usually very ‘exciting’ for commodities trades. Gold can be shortered if it breaks down decisively below the solid

Jan 17, 2012

Gold first resistance on Tuesday is 1653-1663

First support is 1625-1630.

The metal has moved mildly to the upside during the Asian session but trading continued below SMA 50 and below the initial resistance of 1665.00 where B point of the suggested Crab pattern exists. In the interim, SMA 50 -colored in red- is covering the movements as well but the positivity on Vortex in addition to the shaky sign of Stochastic are reasons that force us to stay aside today; noting that a daily closing above 1665.00 will damage our harmonic structure. On the downside, clearing 1628.00 will activate the bearishness of the CD leg.

The trading range for today is among the key support at 1607.00 and key resistance now at 1703.00.

The general trend over the short term basis is to the upside, targeting $ 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.

Support: 1650.00, 1645.00, 1635.00, 1628.00, 1615.00
Resistance: 1665.00, 1673.00, 1687.00, 1695.00, 1703.00

Recommendation Based on the charts and explanations above our opinion is, staying aside as risk versus reward ratio is too high today.

Jan 16, 2012

Gold markets fell for the session as traders around the world took profits. The $1.650 level is massive resistance, and it looks like the area has held as of the close on Friday. The candle is a bit of a hammer shape, and the candle suggests that there is pressure building to the upside. However, if the market breaks below the lows on Friday, this would actually make it “hanging man”, which is a bearish signal. Because of this, we think that a close above the $1,650 level on the daily chart is needed to see further upward momentum. In order to see bearishness, we need to see a break of the bottom of the days’ range for Friday. At this moment, we need to see a break of one of those levels in order to get involved.