AUG 24
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 Friday
Initial resistance 1675-1685 2nd tier 1674-1680
Initial Support 1645-1655 2nd tier 1639-1635
Last update listed resistance at 1662-1667 and 2nd tier 1674-1680 and the high was 1677. Support was listed at 1645-1655 and the low was 1659.
What Next?
The FED FOMC announcements took the original targets for highs out and the final target we listed last night 1675-1685 was reached today at 1677.50. We were looking for a pullback to begin and so far as of this update, price has reached the 20 hour moving averages at 1669.
Going into Friday, with jobs data and options expiration for gold, the odds favor price reaching somewhere between 1645-1655. With the strength we saw this week, I can’t say for sure it will but that is what we will favor.
Odds favor a pullback into the Friday morning timeframes and most likely some type of recovery as the day approaches an end.
Bottom line
the gold market went a long way this week in establishing a new uptrend confirmation. There’s still some work to do, but it was a great week.
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 Friday
Initial resistance 1675-1685 2nd tier 1674-1680
Initial Support 1645-1655 2nd tier 1639-1635
Last update listed resistance at 1662-1667 and 2nd tier 1674-1680 and the high was 1677. Support was listed at 1645-1655 and the low was 1659.
What Next?
The FED FOMC announcements took the original targets for highs out and the final target we listed last night 1675-1685 was reached today at 1677.50. We were looking for a pullback to begin and so far as of this update, price has reached the 20 hour moving averages at 1669.
Going into Friday, with jobs data and options expiration for gold, the odds favor price reaching somewhere between 1645-1655. With the strength we saw this week, I can’t say for sure it will but that is what we will favor.
Odds favor a pullback into the Friday morning timeframes and most likely some type of recovery as the day approaches an end.
Bottom line
the gold market went a long way this week in establishing a new uptrend confirmation. There’s still some work to do, but it was a great 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
