The zoom in on the gold chart shows the choppy and overlapping action, and as we've discussed, is usually a bearish sign. The lower support line has been hit on the hourly chart and while a bounce can develop , odds are with today’s being the ideal day (June 7th) for the short term cycles to turn, the odds are high that another pullback in gold is underway. At least that’s what the cycles favor and and close below this channel line will favor the 1350-1360 area as the next target. Any bounce back toward s 1395-1405 should find resistance.
GOLD CYCLES
The short term cycle turn was due today (June 7th – plus or minus 72 hours) and has a 70% chance of favoring a pullback into the 21st of the month. Today’s drop suggests that the new cycle is underway. It would take a close above 1440 to neutralize the cycle.
Gold futures were likely to test support USD1,374.75 a troy ounce,
the low from May 28, and resistance at USD1,423.25, Thursday's high.
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
