AUG 15
Gold Price and Trend Forecast : Sideway Down.
Resistance 1600.5 1603.5 1606.4 / 1631.4
Support 1581.5 1578.5 1575.6 / 1550.6
From daily gold chart and indicators of slow stochastic, rsi,
Macd, Moving average point that gold is in the trend of sideway down.
Resistance 1600.5 1603.5 1606.4 / 1631.4
Support 1581.5 1578.5 1575.6 / 1550.6
From daily gold chart and indicators of slow stochastic, rsi,
Macd, Moving average point that gold is in the trend of sideway down.
Day gold trading : Buy 1585-1591 ,
exit 1600--1603, stop loss 1580
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 Wednesday
Initial Resistance for 1600-1606 and 2nd tier 1612-1619
Initial Support 1585-1591 and 2nd tier 1565-1575
What Next?
Mid week Wednesday favors a low and a bounce back to the 1600. Look for testing of the1590-1595 area in the morning. If 1586 breaks we could see 1575. While a bounce should develop at some point today, the trend is down and remains defensive.
Bottom Line
The market once again has been beaten down. Neither cycles, nor big buyers, nor physical shortages or debt crisis or currency collapse potentials matter when the control boyz move in.
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 Wednesday
Initial Resistance for 1600-1606 and 2nd tier 1612-1619
Initial Support 1585-1591 and 2nd tier 1565-1575
What Next?
Mid week Wednesday favors a low and a bounce back to the 1600. Look for testing of the1590-1595 area in the morning. If 1586 breaks we could see 1575. While a bounce should develop at some point today, the trend is down and remains defensive.
Bottom Line
The market once again has been beaten down. Neither cycles, nor big buyers, nor physical shortages or debt crisis or currency collapse potentials matter when the control boyz move in.
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
