AUG 16
Gold Price and Trend Forecast : Sideway Down.
Resistance 1612.1 1614 1615.8 / 1631.8
Support 1599.9 1598 1596.2 / 1580.2
From daily gold chart and indicators of slow stochastic, rsi,
Macd, Moving average point that gold is in the trend of sideway down.
Day gold trading : Buy 1595-1598 ,
exit 1607--1610, stop loss 1590
Gold Price and Trend Forecast : Sideway Down.
Resistance 1612.1 1614 1615.8 / 1631.8
Support 1599.9 1598 1596.2 / 1580.2
From daily gold chart and indicators of slow stochastic, rsi,
Macd, Moving average point that gold is in the trend of sideway down.
Day gold trading : Buy 1595-1598 ,
exit 1607--1610, stop loss 1590
Long Term=Up (major resistance 1767-1804 needs to be exceeded on a monthly close)
Medium Term=BEARISH (Major Resistance 1672-1705 Monthly Close) Technically in bearish mode until we close above 1672. The 1648-1668 area is first medium term resistance.
Intermediate Term= neutral– Need a close above 1627 to favor a key intermediate term low and continue the bullish factor.
Short Term= NEUTRAL– The price pattern is now choppy and overlapping and that usually means the move is not solid and can reverse quickly. In other words, most times, it is a counter trend move. A close below 1595 puts the short term in bearish mode and a close above 1640 in bull mode.
Support and Resistance for Thursday
Initial resistance 1610-1620 2nd tier 1627-1637
Initial Support 1592-1602 2nd tier 1575-1585
[4:25:21 PM] alwalied: What Next?
Mid week Wednesday favors a low and a bounce back to the 1600. Look for testing of the1590-1595 area in the morning. If 1586 breaks we could see 1575. While a bounce should develop at some point today, the trend is down and remains defensive.
Bottom line
THE KEY is going to be THE CYCLEs and Which SCENARIO WILL PLAY OUT.
Medium Term=BEARISH (Major Resistance 1672-1705 Monthly Close) Technically in bearish mode until we close above 1672. The 1648-1668 area is first medium term resistance.
Intermediate Term= neutral– Need a close above 1627 to favor a key intermediate term low and continue the bullish factor.
Short Term= NEUTRAL– The price pattern is now choppy and overlapping and that usually means the move is not solid and can reverse quickly. In other words, most times, it is a counter trend move. A close below 1595 puts the short term in bearish mode and a close above 1640 in bull mode.
Support and Resistance for Thursday
Initial resistance 1610-1620 2nd tier 1627-1637
Initial Support 1592-1602 2nd tier 1575-1585
[4:25:21 PM] alwalied: What Next?
Mid week Wednesday favors a low and a bounce back to the 1600. Look for testing of the1590-1595 area in the morning. If 1586 breaks we could see 1575. While a bounce should develop at some point today, the trend is down and remains defensive.
Bottom line
THE KEY is going to be THE CYCLEs and Which SCENARIO WILL PLAY OUT.
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
