Long Term=Bullish - major yearly resistance 1767-1804 needs to be exceeded on a monthly bass and close above 1840 to resume long term up bull trend.
Medium Term=Bullish - It takes a close below 1625 to turn the trend Neutral.
Intermediate Term= Bullish – It takes a close below 1735 to turn the trend to Neutral
Short Term= Bullish –It takes a close below 1758 to go to a neutral reading.
Support and Resistance for Wednesday
Initial resistance 1771-1781 2nd tier 1790-1795
Initial Support 1752-1762 2nd tier 1748-1753
Last update listed resistance at 1784-1794 and the high was 1781.6 basis December. Support was listed at 1759-1765 and the low was 1762 basis December (Spot gold minus app. $2.10)
Intermediate Term= Bullish – It takes a close below 1735 to turn the trend to Neutral
Short Term= Bullish –It takes a close below 1758 to go to a neutral reading.
Support and Resistance for Wednesday
Initial resistance 1771-1781 2nd tier 1790-1795
Initial Support 1752-1762 2nd tier 1748-1753
Last update listed resistance at 1784-1794 and the high was 1781.6 basis December. Support was listed at 1759-1765 and the low was 1762 basis December (Spot gold minus app. $2.10)
What Next?
Tuesday was another down day and if we break below 1761 the odds favor a test of 1755 or even 1737-1745. The potential we made a high on October 5th has moved to the forefront and pullback potential has increased as October and the yearly price zone of 1792-1804 has so far yielded a high of 1798. In just three days of trade, we’re fighting to hold 1760. With mid week Wednesday here the odds of a move lower to the next purple channel line is strong.
Bottom line
Cycles are mixed and remain unconfirmed. The next short term cycle is due Oct 15th-16th (plus or minus 72 hours). It would be good if we could remain above that 1738 area of 9/27. A close below there gives us a cycle inversion and a mid or maybe even end of month trend lower. Let’s see if we can hold that 1761-1765 area.
YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
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.
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
