Long Term ~ Neutral ~ need a monthly close above 1800 to confirm the bull market final phase underway
Medium Term ~ Bearish - Need a close above 1461-1529 to neutralize.
Intermediate Term ~ Bullish– Need to hold above 1270-1280 weekly.
A close below 1266 would return to neutral mode. Above 1350 keeps things bullish.
A close below 1266 would return to neutral mode. Above 1350 keeps things bullish.
Short Term ~ bullish– Price has reached resistance at 1434 ---
a pullback for a few days is in play. Support is 1350-1372
a pullback for a few days is in play. Support is 1350-1372
Support and Resistance
Initial Resistance 1410-1422 and 2nd tier 1434-1440
Initial Support 1372-1382 and 2nd tier 1348-1358
CME GROUP NEWS
While December gold was probably short term overbought into this week's highs and the market probably needed to correct, the bear camp did have something other than technical reasons for pressuring gold prices this week. In addition to an upside breakout in the Dollar, gold was also undermined by a letdown or delay in Middle East turmoil and it also at times came under pressure because of increased US tapering fears. Some might even suggest that gold was under some pressure because of producer hedge selling and or month end book squaring. On the other hand, gold also didn't seem to benefit from fresh stimulus talk from the Euro zone or patently dovish dialogue from the Fed's Bullard. Comments from the Fed's Bullard were somewhat contradictory as he seemed to be in favor of tapering, but he wasn't exactly up beat in his forward assessment of the US economy.
Gold Overview
KEY RESISTANCE and Pivot POINTs for the WEEK
R1 and R2 are 1 and 2 standard deviations of resistance to the pivot point and S1 and S2 are supports of 1 and 2 standard deviation.
Last week’s numbers to watch was 1420-1430. (HIGH LAST WEEK WAS 1434)
This week’s number to watch is the same, 1420-1430.
Gold Hourly Chart
Gold pulled a fast one on the Sunday/Monday trade as USA was closed and reached key support at 1372 and has since rallied back to 1392 as Tuesday opens. Support is that 1370-1375 area and resistance at either 1395 – 1400 or 1415-1418 at that mini blue line. That spike to 1372 may have provided the low for the week but we’ll have to see. A bounce into Wednesday is possible. The overall trend remains up, and the pullback from mid week did reach the 38% retracement so we’ll have to see if that was enough or if a deeper pullback to 1350 comes into play.
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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
