AUG 17
Gold Price and Trend Forecast : Sideway Down. Resistance 1624.8 1627 1629 / 1647.1 Support 1611.2 1609 1606.9 / 1588.9 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 1606-1609 ,
exit 1618--1622, stop loss 1601
The volatile up and down movement is part of the swings we discussed that were possible for the 2nd half of August. The chart shows us still in a trading range. The strong move back up on Thursday gave us a hint there’s still strength. The part that is hard is we don’t know if the short term cycle that starts today (ideal day Aug 17th –plus or minus 72 hours) is going to be a down cycle for the next two weeks on the inversion potential, or if we follow the regular cycle we’ve been at all year. That would mean a low this week.
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
