Long Term=Neutral – Need a monthly close above 1490-1526 to regain Bullish status.
Medium Term=Bearish-Need a close above 1575-1600 to neutralize.
Intermediate Term=Bearish –Need a close above 1390 for bullish
Short Term=Bearish- A CLOSE ABOVE 1260-1280 IS NEEDED TO NEUTRALIZE THE DOWNTREND.
Support and Resistance
Initial Resistance 1219-1229 and 2nd tier 1247-1257
Initial Support 1175-1185 and 2nd tier 1140-1165
Initial Resistance 1219-1229 and 2nd tier 1247-1257
Initial Support 1175-1185 and 2nd tier 1140-1165
Pivot points in Gold
This week's number is 1313-1326 and *1337-1344 -- the high for the week so far was 1291.
Yesterdays daily S1 and S2 was 1185 and 1205 and the low was 1196. Watch 1164-1183 on Friday as support.
Gold Hourly Chart
these are the price point’s traders are watching on a daily, weekly and monthly level as to whether to be long or short. They go with the market. R1, R2 and S1 and S2 are standard deviations from the pivot with the 1’s (one standard deviation) and the 2’s (2 standard deviations).
KEY RESISTANCE POINT for the WEEKThis week's number is 1313-1326 and *1337-1344 -- the high for the week so far was 1291.
Yesterdays daily S1 and S2 was 1185 and 1205 and the low was 1196. Watch 1164-1183 on Friday as support.
Gold Hourly Chart
the short term trends are still down. After fighting since 6/21 to get above the last channel line, gold sold off on Wednesday to the next line. After successfully testing that line for over 24 hours, gold broke below it in after hours trading –where all the attacks come from and is the biggest evidence that all of this is a coordinated effort to bring gold down. It is VERY RARE that gold Moves more than two channel lines in a week but it has now broken three lines in 10 days. This is the first time I see this since 2008. The odds were high we would hold 1220 this week but three tests and it broke down. Resistance on Friday is 1223-1233 and support is 1165-1185. We are now 100 dollars below the 200 hour moving average. The trend remains down.
What Next?
The key will be whether GOLD can get back above 1225-1235 to close out the week. All trends remain down at the moment.
Bottom Line
Same as last night ------
Until things stabilize we have to keep favoring the downside. There may be a 1 to 2 week bounce in play on the short term cycles. But with that said, the trends are still down.
The key will be whether GOLD can get back above 1225-1235 to close out the week. All trends remain down at the moment.
Bottom Line
Same as last night ------
Until things stabilize we have to keep favoring the downside. There may be a 1 to 2 week bounce in play on the short term cycles. But with that said, the trends are still down.
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GOLD CURRENT TRADE
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BGT 1 Mini Gold at 1184 Stop 1170
on 28 June 2013
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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
