AUG 31
7.00 A.M. GMT
We’ve hit 1657 every day this week and that is where we are trading as we enter Friday. As for the big announcement, they could very well just split hairs. Nothing concrete. They keep us waiting for the FED meeting in early September.
On the other hand, it could be a day to remember. It’s the last day of August. It’s usually a long range price day historically and with the cycle turn yesterday, and the bankers on tap, it could be interesting.
Bottom line
we began the week favoring 1655-1685 and we got 1652 – 1679.50
Tomorrow is where that range could get exceeded.
7.00 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= 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 Friday
Initial resistance 1663-1671 2nd tier 1678-1688 - 3rd tiers 1705-1712 - 4th tier 1726-1735
Initial Support 1645-1655 2nd tier 1733-1738 and 1617-1621
Last update listed resistance at 1663-1671 and the high was 1666.50. Support was listed at 1644-1654 and the low was 1653.
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= 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 Friday
Initial resistance 1663-1671 2nd tier 1678-1688 - 3rd tiers 1705-1712 - 4th tier 1726-1735
Initial Support 1645-1655 2nd tier 1733-1738 and 1617-1621
Last update listed resistance at 1663-1671 and the high was 1666.50. Support was listed at 1644-1654 and the low was 1653.
What Next?
We’ve hit 1657 every day this week and that is where we are trading as we enter Friday. As for the big announcement, they could very well just split hairs. Nothing concrete. They keep us waiting for the FED meeting in early September.
On the other hand, it could be a day to remember. It’s the last day of August. It’s usually a long range price day historically and with the cycle turn yesterday, and the bankers on tap, it could be interesting.
Bottom line
we began the week favoring 1655-1685 and we got 1652 – 1679.50
Tomorrow is where that range could get exceeded.
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
