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 1239-1249 and 2nd tier 1267-1272
Initial Support 1215-1225 and 2nd tier 1185-1205
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 1239-1249 and 2nd tier 1267-1272
Initial Support 1215-1225 and 2nd tier 1185-1205
Gold Hourly Chart
What Next?
The trends remain down in gold at the moment. The Bernanke speech on Wednesday should be the event of this week. Odds favor one more attempt lower this week. A close above last week’s high would have us re-looking at the short term situation. Even a close above 1244 would allow potential for a move towards 1280-1300. For now we think gold should not have much upside until the Bernanke speech on Wednesday.
Bottom Line
Until things stabilize we have to keep favoring the downside. But we’ll be the first to admit a bottom in this July timeframe would play with the seasonal trends we usually see. Lets see what Ben has to say on Wednesday.
The short term trends are turning from down to a sideways action with the yellow trend line near 1244 as the first resistance area to watch along with the green 200 hour moving average. Gold has been erratic as the channel lines were broken on 6/28 only to get a reversal a day later and then again last week on the jobs report and only to get a reversal back up today. Note how resistance is the green 200 hour moving average and the yellow channel line putting resistance at 1235-1245 going into Tuesday. A close above the yellow channel line would open the door to the next line above 1280. For the moment the odds favor that gold could take one test lower this week during the Bernanke speech on Wednesday. We’ll be watching the action to see if there are any hints of a turn-around. Our best take at the moment is gold’s upside should be limited until the Bernanke testimony. While he’ll most likely be trying to calm the bond market, this crazy market is capable of anything. A close above the yellow resistance line would give the short term the edge. Until then, consider it resistance. Support lies at 1212-1222 and 1188-1198.
What Next?
The trends remain down in gold at the moment. The Bernanke speech on Wednesday should be the event of this week. Odds favor one more attempt lower this week. A close above last week’s high would have us re-looking at the short term situation. Even a close above 1244 would allow potential for a move towards 1280-1300. For now we think gold should not have much upside until the Bernanke speech on Wednesday.
Bottom Line
Until things stabilize we have to keep favoring the downside. But we’ll be the first to admit a bottom in this July timeframe would play with the seasonal trends we usually see. Lets see what Ben has to say on Wednesday.
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GOLD CURRENT TRADE
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BGT 0.20 Standard Lot Gold at 1210.46 stop 1180.35
GOLD CURRENT TRADE
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BGT 0.20 Standard Lot Gold at 1210.46 stop 1180.35
on July 05/2013
Closed on July 09/2013 at 1254
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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
