AUG 27
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 Monday
Initial resistance 1678-1688 2nd tier 1704-1712
Initial Support 1663-1671 2nd tier 1645-1655
Last update listed resistance at 1675-1685 and the high was 1677. Support was listed at 1645-1655 and the low was 1663
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 Monday
Initial resistance 1678-1688 2nd tier 1704-1712
Initial Support 1663-1671 2nd tier 1645-1655
Last update listed resistance at 1675-1685 and the high was 1677. Support was listed at 1645-1655 and the low was 1663
What Next?
The
one of the two resistance points favor holding on Monday. With that
said, gold looks very strong and the potential to move higher in these
conditions is a strong consideration. We’ll favor that one of these two
price points will provide resistance. On the downside the 1655-1663
area should provide support.
Gold enters a key week and the 2011 downtrend line is the area we need to close above to add to upside confirmation.
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.
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
