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 ~ bearish –we closed below 1320-1325 in NY but not access. Need close above 1365 for bullish.
Short Term ~ Bearish– a short term low is due this week.
Support and Resistance
Initial Resistance 1322-1332 and 2nd tier 1344-1354
Initial Support 1290-1306 and 2nd tier 1270-1280
Medium Term ~ Bearish - Need a close above 1461-1529 to neutralize.
Intermediate Term ~ bearish –we closed below 1320-1325 in NY but not access. Need close above 1365 for bullish.
Short Term ~ Bearish– a short term low is due this week.
Support and Resistance
Initial Resistance 1322-1332 and 2nd tier 1344-1354
Initial Support 1290-1306 and 2nd tier 1270-1280
R1 and R2 represent 1st and 2nd standard deviations from the pivots and the same for S1 and S2.
Gold pivot points for the week.
Gold Short term hourly chart
Just about everything we are seeing in price is anything but the fundamentals. Its pure speculation and manipulation of the speculators. They are getting shoved off before the next two week rally takes place. The showdown should be Wednesday afternoon with the Fomc results.
Resistance on Tuesday will be the 1333-1344 area and 1365-1375. The two major supports are the purple channel lines in the 1290 and 1270 area, and exact price would depend on when the lines are tested (if they are to be tested).
That BLUE mini line we described last night to watch is getting the key test of its life from 1308 to 1320. Look at the test going on near that 1310 area. The close below 1318 does allow for further downside on Tuesday. If the 1300 area gives way, then look for the purple line at 1290 or even 1270 to be tested.
The August low of 1272 should provide some support just above or below that area should we get a strong downtrend again on Tuesday.
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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
