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 1388-1398 and 2nd tier 1409-1419
Initial Support 1369-1379 and 2nd tier 1351-1361
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 1388-1398 and 2nd tier 1409-1419
Initial Support 1369-1379 and 2nd tier 1351-1361
Gold Hourly Chart
Resistance is the 1392-1404 area. We have reached 1394.40 twice last week so that’s key resistance. A close above 1404 would open the upside to 1428-1444.
An hourly close below 1366 would open the door to 1350-1360.
Now to see if resistance remains at 1394-1404. The choppy conditions persist in gold and while the short term cycle still points down, the COT position in gold leaves the potential open for and explosive situation should gold catch a bid. If gold closes above 1404 then the downside trend is neutralized and would allow for further gains.
Watch 1388-134 and potentially the 1404 area. That’s where the majority of resistance resides. The green 200 hour moving average is PIVOT --- and above the yellow dotted resistance lines favors the bulls but follow thru above 1404 is required to keep things going higher. Supports are at the lines on the chart. With the FOMC meeting, gold’s upside should be limited until Wednesday.
What Next?
Gold remains very choppy and odds favor it should remain in the current trading range until the FOMC meeting results on Wednesday. Tuesday favors remaining in the current trade range but spikes in this market can happen anytime.
THE GOLD STOCKS AND CYCLES FAVOR A RALLY IS DUE TO BEGIN SHORTLY.
Bottom line
It’s a waiting game until the FOMC meeting and right now with what we’ve seen in the past couple of weeks, nothing is currently trustable. Cycles are due to bottom along with seasonal historical trends, so we’ve got our eyes on the charts and looking for price to show some bottoming or rallying action and some type of set-up.
Gold remains very choppy and odds favor it should remain in the current trading range until the FOMC meeting results on Wednesday. Tuesday favors remaining in the current trade range but spikes in this market can happen anytime.
THE GOLD STOCKS AND CYCLES FAVOR A RALLY IS DUE TO BEGIN SHORTLY.
Bottom line
It’s a waiting game until the FOMC meeting and right now with what we’ve seen in the past couple of weeks, nothing is currently trustable. Cycles are due to bottom along with seasonal historical trends, so we’ve got our eyes on the charts and looking for price to show some bottoming or rallying action and some type of set-up.
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
