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 1270-1280 weekly. A close below 1266 would return to neutral mode. Above 1350 higher towards Aug 20th.
Short Term ~ bullish– Gold held the key 1270 area, now we need to get above 1321-1326 for test of 1340.
Support and Resistance
Initial Resistance 1317-1327 and 2nd tier 1333-1338
Initial Support 1292-1302 and 2nd tier 1276-1286
Medium Term ~ Bearish - Need a close above 1496-1529 to neutralize.
Intermediate Term ~ Bullish– Need to hold above 1270-1280 weekly. A close below 1266 would return to neutral mode. Above 1350 higher towards Aug 20th.
Short Term ~ bullish– Gold held the key 1270 area, now we need to get above 1321-1326 for test of 1340.
Support and Resistance
Initial Resistance 1317-1327 and 2nd tier 1333-1338
Initial Support 1292-1302 and 2nd tier 1276-1286
Gold Hourly Chart
Gold held where it needed too on Wednesday and made the mid week Wednesday low and capitalized on the move Thursday. We’re basically at the green 200 hour moving average and there’s a minor dotted white line resistance near 1317 and up to 1322.
Cycle odds remain in our favor into the 20th of the month but we MUST hold that key PURPLE CHANNEL LINE WE TESTED this week. IF gold can recapture the green 200 hour average here it would be a real short term positive. Key resistance is now the 1340-1355 were the purple and white trend lines are meeting up next week. In summary, we’ve pulled back to the most important monthly level (1270) nearby on the chart and we got the legs we needed. Now we need to conquer the green 200 hour average and the white dotted trend line. A close above 1322 is good and above 1331 is even better. As long as we hold 1282-1292 we should remain in good shape. Look for 1317-1326 as the biggest resistance on Friday and the 1290-1302 area as support. The bears might go after 1300 and we always have to watch on FRIDAYS. Remember, this is the July/Aug period and the control boyz can appear at any time. Odds favor higher above 1322 --- and IF WE CAN CLOSE ABOVE 1322 it would add a lot of hope for next week being higher. WATCH 1322 as it’s the most important number on FRIDAY.
What's Next?
We got our mid week Wednesday low for the week and the rally to the green moving average on Thursday. Now a close above 1322 would be pretty to end the week.
That’s the key now is to not lose all this on Friday.
The short term cycle due Aug 6th (plus or minus 72 hours) had the low on August 7th and we’ve moved 44 dollars up since the low. Let’s see if Friday can really cap it.
Bottom Line
The action was pressure on gold, but it HELD WHERE IT HAD TO AT that monthly 1270 area. A close above 1322-1331 would add to upside. Above 1331 favors the new cycle is fully in play and heading towards 1340-1355 with potential for more.
But let’s not get to giddy as AUGUST is also a head fake month.
We got our mid week Wednesday low for the week and the rally to the green moving average on Thursday. Now a close above 1322 would be pretty to end the week.
That’s the key now is to not lose all this on Friday.
The short term cycle due Aug 6th (plus or minus 72 hours) had the low on August 7th and we’ve moved 44 dollars up since the low. Let’s see if Friday can really cap it.
Bottom Line
The action was pressure on gold, but it HELD WHERE IT HAD TO AT that monthly 1270 area. A close above 1322-1331 would add to upside. Above 1331 favors the new cycle is fully in play and heading towards 1340-1355 with potential for more.
But let’s not get to giddy as AUGUST is also a head fake month.
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OUR GOLD CURRENT TRADE
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SLD at 1316.23 stop 1326.00 On Aug 09
TP1 1300.00
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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
