Support and Resistance for Friday
Initial resistance 1772-1782 2nd tier 1792-1799
Initial Support 1758-1768 2nd tier 1738-1743
Last update listed resistance at 1768-1778 and the high was 1777 basis December. Support was listed at 1752-1760 and the low was 1760 basis December (Spot gold minus app. $2.00)
Our best take at the moment is the current bounce we won’t make a new high before the next short term cycle comes into play and then odds favor we’ll get one more push lower into the end of October. Friday has resistance in the 1775-1785 area.
We got above 1771 for a brief time and we’re trading there as we publish. The 1775-1785 area with 1781-1783 as the strongest part of resistance is on tap for Friday. The short term cycle “window” opens on Friday so it’s time to begin to be cautious. The “window will be open until October 20th so there’s still upside potential and we don’t want to eliminate that. The low on the last cycle red was at the very end of the cycle window and the high of this blue cycle was on October 5th and this week pulled back three days before today’s move back up to test the 1775 area. We did make a mid week low on Wednesday and moved higher today to keep this current cycle categorized as an up one.
In summary, the pattern and the chart is still in a position to move lower as we go to press and the potential to move towards 1745-1750 can still develop. The current pattern is sideways and choppy and thus the potential to move lower. Because its sideways and the short term cycle is still has a slight bias that it’s an up cycle leaves the potential that mid week Wednesday made a low and we’re going to move higher. Thus, we’re neutral as we move to Thursday and we think that the 1767-1771 will be a tuff nut to get above on a daily basis.
If the cycles have not rotated, a peak near here or next week should lead to one more leg down into the end of October, where a nice buy point should develop. That’s the current short term outlook.
Long and medium term trends are up -- yearly resistance at 1792-1804 is the final hurdle for gold before all time highs get challenged.
Initial resistance 1772-1782 2nd tier 1792-1799
Initial Support 1758-1768 2nd tier 1738-1743
Last update listed resistance at 1768-1778 and the high was 1777 basis December. Support was listed at 1752-1760 and the low was 1760 basis December (Spot gold minus app. $2.00)
What Next?
Our best take at the moment is the current bounce we won’t make a new high before the next short term cycle comes into play and then odds favor we’ll get one more push lower into the end of October. Friday has resistance in the 1775-1785 area.
We got above 1771 for a brief time and we’re trading there as we publish. The 1775-1785 area with 1781-1783 as the strongest part of resistance is on tap for Friday. The short term cycle “window” opens on Friday so it’s time to begin to be cautious. The “window will be open until October 20th so there’s still upside potential and we don’t want to eliminate that. The low on the last cycle red was at the very end of the cycle window and the high of this blue cycle was on October 5th and this week pulled back three days before today’s move back up to test the 1775 area. We did make a mid week low on Wednesday and moved higher today to keep this current cycle categorized as an up one.
In summary, the pattern and the chart is still in a position to move lower as we go to press and the potential to move towards 1745-1750 can still develop. The current pattern is sideways and choppy and thus the potential to move lower. Because its sideways and the short term cycle is still has a slight bias that it’s an up cycle leaves the potential that mid week Wednesday made a low and we’re going to move higher. Thus, we’re neutral as we move to Thursday and we think that the 1767-1771 will be a tuff nut to get above on a daily basis.
Bottom line
Long and medium term trends are up -- yearly resistance at 1792-1804 is the final hurdle for gold before all time highs get challenged.
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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
