AUG 30
8.00 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)8.00 A.M. GMT
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= NEUTRAL– The short term trend peaked at 1679.50 and has begun a cycle pullback that could last until the middle of September. Because of the Jackson hold banker meeting – their decision can send the market higher or lower depending on outcome. Caution is warranted.
Support and Resistance for Thursday
Initial resistance 1663-1671 2nd tier 1678-1685
Initial Support 1644-1654 2nd tier 1617-1627Last update listed resistance at 1671-1681 and the high was 1671. Support was listed at 1651-1661 and the low was 1654.
What Next?
We
got our pullback into Wednesday forecast and hit our support zones.
Price enters Thursday at that price zone near 1657. The 1655-1657 area
should give initial support but if that lets go then favor 1645-1650.
After three down days, odds favor a bounce but how far is the question. IF price can support above 1663 then the 1665-1670 area would be a first target. In summary, the crowd is bullish as the GLD Call options show. Its not often the crowd gets it right, but it does happen once in a while. Its best to remain cautious. Thursday will try to bounce, first resistance is 1663-1666 and then 1670.
Bottom line
After three down days, odds favor a bounce but how far is the question. IF price can support above 1663 then the 1665-1670 area would be a first target. In summary, the crowd is bullish as the GLD Call options show. Its not often the crowd gets it right, but it does happen once in a while. Its best to remain cautious. Thursday will try to bounce, first resistance is 1663-1666 and then 1670.
Bottom line
With Jackson Hole arriving, the media will be talking it up. Odds favor gold might not be very wild on Thursday, and will wait till Friday, but it depends what they say.
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
