AUG 21
What Next?
Gold is arriving at the KEY PRICE POINT--- where the 1630-1642 area has contained price for a long time. Today should test it. It may not give way today, but it’s getting close and we’ll continue to favor higher.
Bottom line
The short term cycle favors higher and gold should test important price zones today.
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= Bullish– 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 Tuesday Initial resistance 1625-1635 2nd tier 1645-1655 Initial Support 1611-1615 2nd tier 1595-1605
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= Bullish– 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 Tuesday Initial resistance 1625-1635 2nd tier 1645-1655 Initial Support 1611-1615 2nd tier 1595-1605
Bottom line
The short term cycle favors higher and gold should test important price zones today.
It should try higher up to 1621.47 - 1625.29. Entry point 1617.65 or 1615.22. After this rise, a correction is expected. Warning: Engulfing pattern Technical points Key point 1,624.5700 Entry point 1,619.5400 Elliott 1,590.1200 Closing 1,620.4200 Projection 1,626.6100 Trendline 1,616.2300 Trendline 1,616.2300 Supports / Resistances Res 2 1,630.1600 Ex-High 1,622.5300 Res 1 1,625.2900 Pivot 1,617.6500 Sup 1 1,612.7800 Ex-Low 1,610.0200 Sup 2 1,605.1400
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
