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 ~ neutral -- Bearish below 1322 (close only) A close below 1301 would suggest the short term trend is down. .
Support and Resistance
Initial Resistance 1342-1352 and 2nd tier 1353-1363
Initial Support 1314-1324 and 2nd tier 1280-1290
The Government shut-down – Profiles in lunacy
Gold Short term hourly chart
Medium Term ~ Bearish - Need a close above 1422-1490 to neutralize.
Intermediate Term ~ Bearish –Need close above 1375 for bullish.
Short Term ~ neutral -- Bearish below 1322 (close only) A close below 1301 would suggest the short term trend is down. .
Support and Resistance
Initial Resistance 1342-1352 and 2nd tier 1353-1363
Initial Support 1314-1324 and 2nd tier 1280-1290
The Government shut-down – Profiles in lunacy
Nobody wants
to shut the Government down. They have all said it. So what will they
do? Naturally they will shut down the Government -------- then make
some type of one week delay and put us through another week of
gibberish. On the other hand, there is a hatred of Obama Care. My own
opinion? Government does so well with all its programs, let’s let them
run our healthcare. OK. SURE. If they do----they will at least
finally solve the Social Security default that is coming because
everyone will be dying by age 64 ten years down the road.
Gold Pivot points
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.
Note weekly and daily R1 and R2 as
well as S1 and S2 are all within ranges. The Monday high was right at
the weekly R1 level. While they are not usually that exact, it’s good
to keep in mind that TRADERS watch these numbers like hawks and reverse
positions or take profits near these targets.
Gold Short term hourly chart
As
listed on the weekly; Resistance this coming week will be the 1352-1362
and 1372-1382. We reached 1353 during the 1st minute of trade. Down
since then.
We listed 1301-1310 and 1322 as support. The low was 1322 exact.
The
two major supports are 1301-1310 intraday and 1322 intraday and
especially on a closing basis. The other support is near 1270-1280. We
need to watch the mini yellow channel that price is in. If we break
below the yellow line and 1322 the next target on TUESDAY IS 1314 (plus
or minus a few bucks). A close below 1301 favors lower.
The
August low of 1272 should provide some support just above or below that
area should we get a strong sell again this week. The short term cycle
has been a weak one and the next turn is due October 4th (plus or minus
72 hours). If it plays out, it would signal another downtrend into mid
October.
As mentioned on Twitter before the
open---the 1352-1362 area is 1st resistance on Monday. The short term
cycles do favor a peak this week so it’s possible to move higher. We’ve
already made a new weekly high on the Asian open at 1353. Additional
resistance is the 1372-1382 area if we can get above 1362-1365. But that
area is a strong resistance point to watch. Monday favors 1352-1362 as
the resistance to watch. Support is the 1330-1333 area and then
1320-1323 area.
Bottom Line
Trader/analyst Gregory
Mannarino says the financial crash of 2008 was "the party over
moment."Mannarino goes on to say, "The financial system, as it had been
run from its inception, literally ended at that moment . . . what we
have now is a side effect that is terminal, and I am referring to the
economy." The economy is so sick that it needs to be propped up.
Mannarino contends, "What we have now is a Federal Reserve managed
market. There is no free market at all. It’s almost like a new form of
government being installed right under people’s noses." Mannarinio
thinks, "We do not have an economy that is designed to create wealth. We
have an economy that is designed to create debtors."
There is a myriad of reports due this week and they begin on Monday and don’t really end until the employment report on Friday.
It’s
going to be a week of interest in all markets. The price pattern is
choppy and overlapping and that’s a caution in itself. We can drive
ourselves crazy with the news events and while the majority of the
community favors the government shutdown as bullish for gold---it always
makes us concerned when the majority favors such a thing---just as they
did when Venezuela and Cyprus went belly up in 2012. Gold sold off hard
on both events.
We’re not saying gold can’t rally this week,
but our radar continues to make us cautious in the same way we were the
day after the no taper and huge spike in gold. In fact, we actually
waited for gold to drop 40 dollars from the high before trying a short
term trade that still got stopped out. The short term cycles do allow
for a gold push higher, but we can’t help being concerned that it’s a
risky trade.
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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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