Long Term ~ Neutral - need a monthly close above 1800 to confirm the bull market final phase underway
Medium Term ~ Bearish - Need a close above 1412-1480 to neutralize.
Intermediate Term ~ Bearish –Need close above 1375 for bullish.
Short Term ~ Bearish ~ takes a close above 1338 for neutral.
Medium Term ~ Bearish - Need a close above 1412-1480 to neutralize.
Intermediate Term ~ Bearish –Need close above 1375 for bullish.
Short Term ~ Bearish ~ takes a close above 1338 for neutral.
Support and Resistance
Initial Resistance 1333-1344 and 2nd tier 1361-1367
Initial Support 1309-1316 and 2nd tier 1291-1301
CME GROUP NEWS
The gold market managed another slight higher high for the move in the
Tuesday trade but the market was unable to hold that initial pulse up
on the charts. Gold was probably restrained slightly on Tuesday because
of ongoing "hope" that the US wouldn't go off the debt cliff. On the
other hand, gold has probably been held back this week by patently
bearish gold price forecasts from Goldman which indicated that gold will
eventually be a big sale. The bull camp is benefiting from safe haven
issues and a solution to the crisis might force those longs from
position. However, the prospect of a US solution might also provide
support to gold if buyers step in off hopes of a resumption of recovery
in the global economy. Unfortunately the gold market could end up
embracing either a bullish or bearish track to the eventual outcome of
the US fiscal debate. At least at the start of this week gold has
seemingly clawed out gains from what appears to be flight to quality
conditions.
Gold Overview
The other reason gold is probably hesitating is that the FOMC minutes come out on Wednesday and as we indicated in earlier reports, gold usually remains subdued and has limited upside until the day that the minutes come out. So far that is playing out as we arrive at the day of the release.
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.
Gold Short Term
So far gold is trying to hold the green 200 hour moving average as it has formed support there. However, the FOMC will probably be the decision maker.
Resistance is 1328-1334 and then minor at 1343-1345 and since its FOMC day 3rd tier resistance is 1357-1367. Support 1304-1314 and 1270-1275
So far gold is trying to hold the green 200 hour moving average as it has formed support there. However, the FOMC will probably be the decision maker.
The thing that doesn’t look good about the chart is the same thing we
warned against before the big drop last week to 1277 and that is the
pattern is choppy and overlapping again. It’s the same pattern we saw
last week almost to the tee. Even the touch of the purple channel line
again like last week is the same. While there are no guarantee’s we’ve
been well served by not buying these patterns in the past and the
uncertainty in the markets means we need to remain cautious and patient.
Recall how QE was going to send gold higher, and how recently no taper
was going to send gold higher. But the purple downtrend line from the
August highs remains in effect. We will admit that it has been tested 4
times and it won’t take much more to break it out higher. But it must be
a decisive break and that pattern (while it does morph at times into
impulsive) has not been a winning upside pattern this year. The bottom
line at the moment is price is not in an uptrend, it’s in a downtrend
and the pattern is choppy and overlapping. That suggests caution.
Resistance is 1328-1334 and then minor at 1343-1345 and since its FOMC day 3rd tier resistance is 1357-1367. Support 1304-1314 and 1270-1275
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all payments will be made by the 25th of each month.
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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
