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.
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 ~ Bullish – need a close below 1300-1322
Support and Resistance
Initial Resistance 1375-1385 and 2nd tier 1394-1404
Initial Support 1352-1356 and 2nd tier 1333-1344
Short Term ~ Bullish – need a close below 1300-1322
Support and Resistance
Initial Resistance 1375-1385 and 2nd tier 1394-1404
Initial Support 1352-1356 and 2nd tier 1333-1344
CME GROUP NEWS
The gold market managed to extend on the upside after the very impressive upside explosion in prices on Wednesday afternoon. The gold market might have seen some of the gains today off initial follow through weakness in the Dollar, but with the Dollar returning to positive ground and reject the worst levels of this week, the benefit from currency market action might be waning. It is also possible that gold initially benefited from the flow of US data as the data pointed to strength in the economy and for a change that news didn't instantly bring about a fear of tapering. Gold also saw some lift from bullish fund manager talking heads today as there are plenty of commentators that turn bullish after gold prices post a 24 hour rally of $84 an ounce. The question for the bull camp is how long the "no tapering" view will remain in place especially in the event that US numbers remain positive.
Gold overview
It is important to keep perspective that September has been weak for gold and all that transpired was a ONE HOUR RALLY --- on the FOMC. Granted it was 65 bucks --- but just the same --- there still should be a note of caution. If we close above 1383-1385 odds will favor a test of 1400. If strength comes back to gold then we can look at higher prices. the key now is the medium term moving averages (SEE WEEKLY CHART) AT 1433-1492. The odds will be high if we exceed the moving averages --- a close 25-30 dollars above the blue line at 1492---would favor the correction is over. The blue line must eventually get back above the red for full tilt Bullish.,
The medium term cycles are due also on Sep 23rd ( plus or mins 2.5 weeks)
It certainly looks like we are making a low --- but each medium term date does not always reverse directions (except for a short duration). We discussed right along that the July/August rally could have been an early seasonal with September the pullback month instead of October. Odds for the long term TREND to end its downside would be October or Dec/January. If we develop a major liquidity squeeze all bets are off from out point of view.
In summary, Wednesday certainly looked like the low for the short term trend. A close above 1383 would favor higher towards 1400.
Gold Pivot points
R1 and R2 represent 1st and 2nd standard deviations from
the pivots and the same for S1 and S2.
Gold Short term hourly chart
Gold rallied back to the bottom of the previous channel. If it gets back in the channel and holds then a test of 1400 is coming. That’s the key now----to get inside the channel above 1380. The next resistance after 1380-1385 and 395-1404 Pullback support is 1352-1355 and 1333-1338. If we pull back further the green 200 hour moving average at 1338 favors it would be support. There’s a minor support at 1344.
Gold Short term hourly chart
Gold rallied back to the bottom of the previous channel. If it gets back in the channel and holds then a test of 1400 is coming. That’s the key now----to get inside the channel above 1380. The next resistance after 1380-1385 and 395-1404 Pullback support is 1352-1355 and 1333-1338. If we pull back further the green 200 hour moving average at 1338 favors it would be support. There’s a minor support at 1344.
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1. Open your account HERE
2. Send me your MT4 trading account number and email address
3. Send me your Paypal or Moneybookers account number
If you do not have a Paypal or Moneybookers account,
please click on one of the links below to open your free account today.
Moneybookers
Paypal
You will be paid $10 per standard lot of Gold traded and
all payments will be made by the 25th of each month.
In order for your payment to be processed each month, please send me an email requesting payment and stating the amount of lots you have traded and your MT4 account number between the 20th and 24th of the month.
thelordoftruth@gmail.com
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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
