AUG 28
6.00 A.M. GMT
6.00 A.M. GMT
Long Term=Up (major resistance 1767-1804 needs to be exceeded on a monthly close to resume long term up bull trend)
Medium Term=BEARISH /NEUTRAL (Major Resistance 1685-1712 Monthly Close) Technically in the best condition we’ve seen in a while. Now we need to overcome the 2011 downtrend line on a weekly monthly close.
Intermediate Term= Bullish – Price has turned up and so is the trend.
Short Term= Bullish– The price pattern has moved to impulsive and the move looks to have strength building.
Support and Resistance for Tuesday
Initial resistance 1668-1676 2nd tier 1685-1690
Initial Support 1651-1661 2nd tier 1641-1645
Last update listed resistance at 1678-1688 and the high was 1679.50. Support was listed at 1645-1663-1671 and the low was 1665.50
What Next?
Medium Term=BEARISH /NEUTRAL (Major Resistance 1685-1712 Monthly Close) Technically in the best condition we’ve seen in a while. Now we need to overcome the 2011 downtrend line on a weekly monthly close.
Intermediate Term= Bullish – Price has turned up and so is the trend.
Short Term= Bullish– The price pattern has moved to impulsive and the move looks to have strength building.
Support and Resistance for Tuesday
Initial resistance 1668-1676 2nd tier 1685-1690
Initial Support 1651-1661 2nd tier 1641-1645
Last update listed resistance at 1678-1688 and the high was 1679.50. Support was listed at 1645-1663-1671 and the low was 1665.50
What Next?
Tuesday favors testing the first level support zone for gold. A pullback is underway and should last into Tuesday/Wednesday. However, as long as we are above the moving averages, the intermediate term trend is up. We began the week suggesting perhaps a range of 1655-1685 and we have already done 1659-1679. The one interesting thing was the high today was at the top of the channel and we did enter the “window” for a short term trend change. Tuesday has the potential of ending the pullback but we can’t rule out mid week Wednesday for the low.
Bottom line
the trend is up but there’s a lot coming this week as the short term cycle turn is due Aug 30th on an ideal day and the Jackson Hole and monthly last day close on the 31st. As the week progresses the focus will be on the upcoming bankers meeting. Regardless of what happens, the 2011 downtrend line is what gold needs to move above to continue the rally. As of this update, that has not yet been achieved. We’ll need a run to 1685-1700 for that.
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
