Tronlink Wallet Airdrop: GOLD TREND Aug 13

AUG 14 Day gold trading : Buy 1600-1607 , exit 1615--1618, stop loss 1595

Long Term=Up (major resistance 1767-1804 needs to be exceeded on a monthly close) Medium Term=BEARISH (Major Resistance 1672-1705 Monthly Close) Technically in bearish mode until we close above 1672. The 1648-1668 area is first medium term resistance. Intermediate Term= neutral– Need a close above 1627 to favor a key intermediate term low and continue the bullish factor. Short Term= NEUTRAL– The price pattern is now choppy and overlapping and that usually means the move is not solid and can reverse quickly. In other words, most times, it is a counter trend move. A close below 1595 puts the short term in bearish mode and a close above 1640 in bull mode. Support and Resistance for Tuesday Initial Resistance for 1618-1628 and 2nd tier 1639-1645 Initial Support 1604-1610 and 2nd tier 1585-1595 The last website update listed 1627-1637 as resistance and the high was 1628.80 basis December--- support was listed at 1595-1605 and the low was 1607.80 basis December

What Next? Last night we discussed either 1627-1632 or 1640-1642 on the upside as the two most likely resistance points and 1618-1622 or 1609-1612 as the two likely support points. Monday gave us the lower support and the lower resistance suggesting that the trend is weakening and that potential for a peak being in place is a real possibility. If the Monday low gives way, odds favor price is going to trade down to 1595-1605. The short term cycle window is open. The ideal day is Aug 17th plus or minus 72 hours so we’re in the window. We were hoping for a peak later in the week near the 1640 area and while that can still happen, odds are fading fast. A break below the Monday low and 1605 puts the odds on the downside and favors a pullback is in play.
Bottom Line The market showed early strength into the 1627 area and into London on Monday, but since then price has weakened significantly and the odds that we’ve peaked is high and so is the potential that we’re about to break the uptrend lines on the hourly chart. Its best to get short term defensive and anything below yesterday’s low favors a sell to the 1595-1600.

AUG 13 Update

What Next? We’re watching either the 1627-1632 area or the 1640-1642 as the two most likely resistance points and the 1618-1622 or the 1609-1612 area the two most likely support points. Odds favor this will be the price range we trade on Monday as the bulls and bears fight on each side. Bottom Line The price ranges above favor a sort of standoff on Monday as the bulls and bears contain each other in a trade range. The short term cycles are due this week and we’ll have to see which one looks most favorable to follow. If we can get above the Friday high by more than a few dollars then we’ll favor the 1640 zone. Watch that blue pivot line at 1627. That’s the most important line for Monday where the bulls and bears might duke it out at first.

AUG 13

It should try higher up to 1623.64 - 1629.54. Entry point 1617.75 or 1613.32. After this rise, a correction is expected. Warning: Engulfing patternTechnical points Key point 1,625.0600 Entry point 1,615.5100 Elliott 1,605.9600 Closing 1,620.6800 Projection 1,626.6100 Trendline 1,615.1900 Trendline 1,615.1900 Supports / Resistances Res 2 1,638.4000 Ex-High 1,626.6100 Res 1 1,629.5400 Pivot 1,617.7500 Sup 1 1,608.8900 Ex-Low 1,605.9600 Sup 2 1,597.1000

Gold remains high, trading at 1624.25. Markets have been trying recently to talk down gold but it continues to show an uptrend, even though the longer term forecast is a down trend. Between hopes for stimulus from the PBoC and the FOMC and now possibly the BoE, gold should remain strong. Also as Chinese data continues to disappoint, risk aversion seems to be returning to the markets and gold seems to be the benefactors. As odds markets begin to favor the idea of stimulus from the FOMC come September, we will see gold remain strong. The USD may strengthen against its trading partners but overall the DX is very low, and USD is weak against the JPY, when the Japanese economy is terrible. So what we see are investors playing it safe. With the overall market sentiment negative with little action by Mr. Draghi to immediately change the crisis in the EU and Spain, Greece and Italy weighing on the EU and falling deeper into financial doom each day, traders are becoming more and more negative on the whole.

Weekly Report

the week plays out and hope they clear up and become more definitive. We believe that the correction has ended in gold and silver, and that higher prices await. However, we need to see confirmations that would add to that forecast. The cycle inversion is one of them and as of this writing, the evidence is close to confirming but not total. The next thing we need to see is for price to re-enter the green channel and have solid closes above the blue 34 week average and the red 13 and then for the blue to move above the red. The short term cycle is due to peak this week and it would be nice for price to give us an intraday print above 1635 before it does so. In summary, the medium term trends have not yet turned up in our moving averages but the key now becomes holding the lows we made in August near 1567-1580 on any pullback. Even the 1600 area is looking to be important to hold. Odds favor gold should peak and pullback into the end of August but keep in mind the battle of the bulls and bears could give us wild price swings in the coming few weeks.