AUG 29
5.00 A.M. GMT
5.00 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 Wednesday
Initial resistance 1671-1681 2nd tier 1686-1690
Initial Support 1653-1663 2nd tier 1636-1643
Last update listed resistance at 1668-1676 and the high was 1675. Support was listed at 1651-1661 and the low was 1659.3 on DEC gold Big Contract -- Mini Contract low was 1657.30
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 Wednesday
Initial resistance 1671-1681 2nd tier 1686-1690
Initial Support 1653-1663 2nd tier 1636-1643
Last update listed resistance at 1668-1676 and the high was 1675. Support was listed at 1651-1661 and the low was 1659.3 on DEC gold Big Contract -- Mini Contract low was 1657.30
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.
Wednesday favors the pullback could still be in play but we think that price has to be below 1665 in order for that scenario to play out. The strength we saw in gold can return at any moment and while the pullback scenario is in play, the fact that gold could bounce back yesterday to within just 5 dollars of the high is a reminder that with what is coming this week with the Jackson Hole meeting, it’s quite possible that our forecast on Sunday night of a 1655-1685 range into the meeting could remain in play.
Bottom line
With Jackson Hole arriving, we probably stay in the 1655-1685 trading range until then.
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
