Gold Trend 12/June/2013

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

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.

 

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