Long Term ~ Neutral - need a monthly close above 1800 to confirm the bull market final phase underway
Medium Term ~ Bearish - Need a close above 1422-1490 to neutralize.
Intermediate Term ~ Bearish –Need close above 1375 for bullish.
Short Term ~ Bullish/neutral – A move above 1338-1344 should put things favoring short term upside.
Support and Resistance
Initial Resistance 1338-1344 and 2nd tier 1353-1363
Initial Support 1310-1320 and 2nd tier 1280-1290
Gold Pivot pointsMedium Term ~ Bearish - Need a close above 1422-1490 to neutralize.
Intermediate Term ~ Bearish –Need close above 1375 for bullish.
Short Term ~ Bullish/neutral – A move above 1338-1344 should put things favoring short term upside.
Support and Resistance
Initial Resistance 1338-1344 and 2nd tier 1353-1363
Initial Support 1310-1320 and 2nd tier 1280-1290
R1 and R2 represent 1st and 2nd standard deviations from the pivots for resistance and the S1 and S2 represent 1st and 2nd standard deviations from the pivots for support.
Another break below 1322 was erased on Wednesday but the situation is still up in the air as options expiration ended exactly on time and the rally potential we discussed on the intra day update that could begin near 11 am took place exactly at that time. But the rally also stopped right at 1338---the area we discussed on twitter as the most important price point of the day.
The direction for the next two weeks is about to play out---one way or another. Any move above 1338 at this point should tilt the odds in favor of the bears on the very short term. We’re on the green 200 hour moving average as of this update and if we can break above it and conquer 1338, then the odds will favor the bulls. BUT THE BUDGET DEBATE IS THE BIG QUESTION. WILL THE CONTROL BOYS ALLOW GOLD TO RALLY UNDER SUCH CONDITIONS?
Closes below 1310 keeps the downside open for more but it would take a move below 1290 to but the short term cycles in trouble going into October.
Resistance on Thursday is 1338-1343 but if the short term cycle kicks in and it confirms as an up one, then look for 1353-1368 going into Thursday. Support is 1310-1322 and then 1272-1275 on the downside. Ff we can get above 1338, it should favor a move towards 1353 in gold. We have a lot of extra support lines tonight to show the different points of resistance. THE SLOPE OF EACH LINE IS THE SAME. Yes, its busy but the market is very uncertain at the moment and we wanted to show all resistance points on Thursday. It’s probably best to see what happens one more day here.
Options expiration ended and gold moved up $20 dollars immediately. Now to see if it will follow thru on Thursday? Watch 1338-1344 as the key number on Thursday. We cautiously favor the bulls but no doubt that it’s a tricky moment for the markets.
Bottom Line
With the budget debate potentially taking center stage a lot of volatile action could be the normal thing for this week and next.
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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.
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You will be paid $10 per standard lot of Gold traded and
all payments will be made by the 25th of each 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.
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