Sep 06
9.30 A.M. GMT
We got to the lowest price of the week in New York near 1690. Thursday we have the Euro Crisis plan. Key upside is the purple line at 1710-1714 on the hourly chart as first target and that will be followed by the next purple line at 1725-1735. The high could be during the London session. Whenever the Euro plan is released will be the key. Support is the 1685-1693 area and then the 200 hour green average at 1677. Favor higher but be cautious after the Euro meeting. JOBS REPORT out Friday morning at 8:30 AM EST New York time.
All things are pointing up. Thursday will be important with the ECB announcement and the the Friday jobs.
Long Term=Up (major resistance 1767-1804 needs to be exceeded on a monthly close to resume long term up bull trend)
Medium Term=NEUTRAL (Major Resistance 1685-1712 Monthly Close) Technically in the best condition we’ve seen in a while. One more push would put trend bullish.
Intermediate Term= Bullish – Price has turned up and so is the trend.
Short Term= Bullish – The market moved to bullish due to the Friday move. It takes a close below 1666 to go to a neutral reading.
Support and Resistance for Thursday
Initial resistance 1710-1714 2nd tier 1725-1735
Initial Support 1683-1693 2nd tier 1669-1675
The last update listed resistance at 1694-1704 and the high was 1698 basis December. Initial support was listed 1683-1693 and the low was 1692.
Medium Term=NEUTRAL (Major Resistance 1685-1712 Monthly Close) Technically in the best condition we’ve seen in a while. One more push would put trend bullish.
Intermediate Term= Bullish – Price has turned up and so is the trend.
Short Term= Bullish – The market moved to bullish due to the Friday move. It takes a close below 1666 to go to a neutral reading.
Support and Resistance for Thursday
Initial resistance 1710-1714 2nd tier 1725-1735
Initial Support 1683-1693 2nd tier 1669-1675
The last update listed resistance at 1694-1704 and the high was 1698 basis December. Initial support was listed 1683-1693 and the low was 1692.
What Next?
We got to the lowest price of the week in New York near 1690. Thursday we have the Euro Crisis plan. Key upside is the purple line at 1710-1714 on the hourly chart as first target and that will be followed by the next purple line at 1725-1735. The high could be during the London session. Whenever the Euro plan is released will be the key. Support is the 1685-1693 area and then the 200 hour green average at 1677. Favor higher but be cautious after the Euro meeting. JOBS REPORT out Friday morning at 8:30 AM EST New York time.
Bottom line
All things are pointing up. Thursday will be important with the ECB announcement and the the Friday jobs.
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
