Long Term ~ Neutral – Need a monthly close above 1800 to confirm the bull market final phase underway
Medium Term ~ Bearish - Need a close above 1525-1580 to neutralize.
Intermediate Term ~ Bullish– GLD and HUI neutralized the downtrend before gold and now all three are in bullish mode. Odds favor we could head back to the moving averages on a pullback.
Short Term ~ Bullish – The only question is the next short term cycle due to begin by Friday. It could put a two week high in place. Perhaps the options expiration on Thursday is causing this pullback as well.
Medium Term ~ Bearish - Need a close above 1525-1580 to neutralize.
Intermediate Term ~ Bullish– GLD and HUI neutralized the downtrend before gold and now all three are in bullish mode. Odds favor we could head back to the moving averages on a pullback.
Short Term ~ Bullish – The only question is the next short term cycle due to begin by Friday. It could put a two week high in place. Perhaps the options expiration on Thursday is causing this pullback as well.
Support and Resistance
Initial Resistance 1327-1337 and 2nd tier 1342-1352
Initial Support 1292-1305 and 2nd tier 1275-1285
Initial Support 1292-1305 and 2nd tier 1275-1285
What's Next?
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GOLD CURRENT TRADE
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SOLD Oct Gold At 1337.50
Stop 1363.50 On July 22/2013
Stop Was Moved to 1337 On July 24/2013
Target 1 1312
Target 2 1290
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So far we held the 1354 area mentioned last night and would need to be above there to favor the high isn’t in. We also discussed mid week Wednesday and the odds favoring a high for the week.
The big question is whether this is a pullback to 1300 for Options Expiration on Thursday or if the short term cycle is now in motion and will hold gold to sideways to lower into the week of August 7th. That is what we mentioned the odds favored last night, but there are certainly a lot of bullish factors going on and we don’t dismiss them.
We’ll favor a test of 1292-1305 on Thursday in lieu of options expiration. Resistance is 1327-1337.
==============================================
GOLD CURRENT TRADE
==============================================
SOLD Oct Gold At 1337.50
Stop 1363.50 On July 22/2013
Stop Was Moved to 1337 On July 24/2013
Target 1 1312
Target 2 1290
==============================================
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
