AUG 22
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= Bullish– 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 1648-1658 2nd tier 1668-1671 Initial Support 1611-1615 2nd tier 1595-1605
What Next?
There are two key places to watch today for a price peak. First is the purple channel line and so far that is the price high at 1648. A second one is that gold mini trend line near 1655.
Bottom market
The short term cycle favors higher and gold has the odds favorite that we make a temporary high later today or early Thursday and pullback at least one day, maybe a few.
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= Bullish– 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 1648-1658 2nd tier 1668-1671 Initial Support 1611-1615 2nd tier 1595-1605
There are two key places to watch today for a price peak. First is the purple channel line and so far that is the price high at 1648. A second one is that gold mini trend line near 1655.
Bottom market
The short term cycle favors higher and gold has the odds favorite that we make a temporary high later today or early Thursday and pullback at least one day, maybe a few.
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
