Long Term ~ Neutral ~ need a monthly close above 1800 to confirm the bull market final phase underway
Medium Term ~ Bearish - Need a close above 1496-1529 to neutralize.
Intermediate Term ~ Bullish– Need to hold above 1280-1292. A close below 1266 would return to bearish mode.
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. A close above 1354 favors higher. A close below 1308 would return to neutral mode.
Support and Resistance
Initial Resistance 1337-1347 and 2nd tier 1354-1361
Initial Support 1317-1326 and 2nd tier 1292-1308
Medium Term ~ Bearish - Need a close above 1496-1529 to neutralize.
Intermediate Term ~ Bullish– Need to hold above 1280-1292. A close below 1266 would return to bearish mode.
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. A close above 1354 favors higher. A close below 1308 would return to neutral mode.
Support and Resistance
Initial Resistance 1337-1347 and 2nd tier 1354-1361
Initial Support 1317-1326 and 2nd tier 1292-1308
Gold Hourly Chart
What's Next?
Prices remained in a trade range on Monday from 1322 to 1338 as the markets await the FOMC fed meeting to begin Tuesday and conclude on Wednesday. The pullback from the high of the 22nd remains in play but the pullbacks have all been supported so far. We got as low as 1308 last week and each subsequent low has been a bit higher. Today’s low at 1322 is the exact spot where the April crash low exists. This area on a closing basis in the range of 1311-1322 remains important on the very short term. As long as we’re above that the trend remains up. This is in line with the green 200 hour moving average as well.
Resistance is the upper white channel line in the 1355 area. Any close above the channel by more than a few dollars would favor the purple lines in the 1370-1380 area. Support is the 1311-1322 area. If silver closes above 20.50 and gold above 1355 the uptrend will remain in motion and favor higher.
What's Next?
Last night discussed the potential for a pullback to 1315-1322 and the Monday low was 1322. The Fed meeting begins on Tuesday and while gold might remain in a trade range, the strength in the market remains on the upside at the moment. Certainly gold does have the potential to pullback with the FOMC minutes release on Wednesday, and with GDP and the jobs report coming out later in the week.
Regardless of a pullback potential, gold strength remains evident and the physical shortages as highlighted by GoFo and the banks no longer short gold points to one thing and that is the selloff in gold has not quelled physical demand, and now there is a scramble to find more physical gold. It seems that the continued drain in GLD may very well be a way the market is suctioning off real physical gold to meet demands. It is putting in a very potentially bullish scenario going forward in gold.
A close above 1338 and 1354 favors a move towards the 1400 area going into the 1st week of August. Even if cycles pullback into the 1st week of August, it still seems that the upside has the advantage.
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
