Long Term-Neutral – Need a monthly close above 1490-1526 in May to regain Bullish status.
Medium Term=Bearish Need a close above 1650-1675 to neutralize.
Intermediate Term=Bearish –need a close above 1448 for bullish
Short Term=Neutral -close below 1371 bears could take control. Got to hold 1371 closing basis otherwise 1343-1363
Support and Resistance
(NOTE JUNE GOLD NUMBERS)
Initial Resistance 1387-1394 and 2nd tier 1399-1404
Initial Support 1363-1373 and 2nd tier 1343-1354
Medium Term=Bearish Need a close above 1650-1675 to neutralize.
Intermediate Term=Bearish –need a close above 1448 for bullish
Short Term=Neutral -close below 1371 bears could take control. Got to hold 1371 closing basis otherwise 1343-1363
Support and Resistance
(NOTE JUNE GOLD NUMBERS)
Initial Resistance 1387-1394 and 2nd tier 1399-1404
Initial Support 1363-1373 and 2nd tier 1343-1354
Gold Short Term
the yellow line where gold touched on Monday is 1st support for the week at the 1366-1373 area. Any close below 1366 favors a test the lines at 1350-1360. Resistance is the 1387-1394 area and then 1399-1404. In summary, watch the 1370-1373 area at the yellow line. If we pullback there we need to keep an hourly close above 1366-1370. Otherwise, it opens the door to 1350-1360. If there’s to be a bounce into Wednesday, this would be the most likely area for it to develop. The bears are favored but this yellow line is where a bounce for this week should try to bounce from. Until we see any price strength, the bears are in charge. There should be a battle at the lines on Tuesday. Let’s see if the bulls can hold it there.
What Next?
Gold’s low last week was 1372. We have a daily S2 pivot support at 1369 and a weekly at 1366. Any close or break of that area will favor 1350-1360 and will confirm the new short term cycle is most likely a down one. The BULLS will try and hold 1366-1372 on Tuesday. A failure to do so will add more bearishness to the short term. The short term cycle has a 70/30 favor of being a down one into the 21st of the month. It’s possible that gold would try and hold this area and bounce into Wednesday but the bears smell blood and less and less longs are interested in taking the other side. Tuesday then is a battle to hold the weekly lows and a failure to do so will suggest we’ll see 1350-1360 next. Resistance is now the 1387-1394 area and 1399-1404. Watch 1366-1372. If we can’t hold there and bounce Odds will favor lower to the next support lines.
The pressure remains on the metals, especially silver. We could get a bounce into Wednesday but the overall trend still favors the bears at the moment.
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
