AUG 23
Long Term=Up (major resistance 1767-1804 needs to be exceeded on a monthly close)
Medium Term=BEARISH /NEUTRAL (Major Resistance 1672-1705 Monthly Close) Technically in the best condition we’ve seen in a while. A close above 1640 on Friday neutralizes the bearish condition to neutral.
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 Thursday
Initial resistance 1662-1667 2nd tier 1674-1680
Initial Support 1645-1655 2nd tier 1639-1635
Last update listed resistance at 1648-1658 and the high was 1658. Support was way off target and the low was 1636.
What Next?
Both price targets for the week have been exceeded as 1655 fell today. New targets are now 1663-1666 or 1675-1685.
We haven’t seen the market this strong for a while. There’s usually a Wednesday or early Thursday morning peak and pullback. With the market this strong, we could blow right by it.
We’re looking for a price high on Thursday in the 1663-1667 or 1675-1684
As long as momentum keeps building, the trend is up and strong at the moment.
Bottom line
the trend is up and should be favored.
Medium Term=BEARISH /NEUTRAL (Major Resistance 1672-1705 Monthly Close) Technically in the best condition we’ve seen in a while. A close above 1640 on Friday neutralizes the bearish condition to neutral.
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 Thursday
Initial resistance 1662-1667 2nd tier 1674-1680
Initial Support 1645-1655 2nd tier 1639-1635
Last update listed resistance at 1648-1658 and the high was 1658. Support was way off target and the low was 1636.
What Next?
Both price targets for the week have been exceeded as 1655 fell today. New targets are now 1663-1666 or 1675-1685.
We haven’t seen the market this strong for a while. There’s usually a Wednesday or early Thursday morning peak and pullback. With the market this strong, we could blow right by it.
We’re looking for a price high on Thursday in the 1663-1667 or 1675-1684
As long as momentum keeps building, the trend is up and strong at the moment.
Bottom line
the trend is up and should be favored.
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
