Sep 05
5.00 A.M. GMT
What Next?
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 Wednesday
Initial resistance 1698-1706 2nd tier 1712-1718
Initial Support 1683-1693 2nd tier 1669-1675
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 Wednesday
Initial resistance 1698-1706 2nd tier 1712-1718
Initial Support 1683-1693 2nd tier 1669-1675
What Next?
Many
of the key price charts are either in the process of a breakout
attempt, or are on the verge of doing so and are at the make or break
area. Silver has broken above its trend line and now gold needs just a
tiny push this week.
It all comes down to the short term cycle. If it has inverted a strong rally into mid month is favored. A push above 1705 would favor it is underway.
Mid week Wednesday has a better than average degree of producing the highs or lows for the week. Gold has been in a consolidation over the past two days working off the overbought condition from Friday. Thus it is very possible that Wednesday could be the final work off and the potential for the low of the week to come in play during Wednesday and up to Thursday at 11 am New York time will be in play.
If we exceed 1705 then the consolidation is finished and the outlook will be for the 1712-1735 area to come into play.
It all comes down to the short term cycle. If it has inverted a strong rally into mid month is favored. A push above 1705 would favor it is underway.
Mid week Wednesday has a better than average degree of producing the highs or lows for the week. Gold has been in a consolidation over the past two days working off the overbought condition from Friday. Thus it is very possible that Wednesday could be the final work off and the potential for the low of the week to come in play during Wednesday and up to Thursday at 11 am New York time will be in play.
If we exceed 1705 then the consolidation is finished and the outlook will be for the 1712-1735 area to come into play.
Bottom line
All
things are pointing up. The only thing that hasn’t played is a cycle
inversion, a downtrend line that needs one push higher, and the blue
moving average on the weekly chart needs to move above the red and
there’s only an 8 dollar difference.
On July 25th, forecasted we said the correction in metals had ended and so far that is playing out and I want to see final confirmations in price. We are 95% there. I just want to see a cycle inversion.
Why is this so important?
I just want to be absolutely sure right here, right now, at this point in time that we are on the right track here.
On July 25th, forecasted we said the correction in metals had ended and so far that is playing out and I want to see final confirmations in price. We are 95% there. I just want to see a cycle inversion.
Why is this so important?
I just want to be absolutely sure right here, right now, at this point in time that we are on the right track here.
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
