Long Term ~ Neutral - need a monthly close above 1800 to confirm the bull market final phase underway
Medium Term ~ Bearish - Need a close above 1387-1440 to neutralize.
Intermediate Term ~ bullish
Short Term ~ Bullish – short term high due Nov 3rd – plus or minus 72 hours
Medium Term ~ Bearish - Need a close above 1387-1440 to neutralize.
Intermediate Term ~ bullish
Short Term ~ Bullish – short term high due Nov 3rd – plus or minus 72 hours
Support and Resistance
Initial Resistance 1343-1353 and 2nd tier 1373-1380
Initial Support 1328-1338 and 2nd tier 1316-1322
Last update listed resistance at 1343-1353 and the high was 1351.
Initial Resistance 1343-1353 and 2nd tier 1373-1380
Initial Support 1328-1338 and 2nd tier 1316-1322
Last update listed resistance at 1343-1353 and the high was 1351.
Support was listed at 1322-1331 and the low was 1330.
CME GROUP NEWS
Gold was able to benefit from good technical chart action, cycles and
better US economic information as claims declined, KC Fed numbers were
better and that in turn lifted December gold prices to the highest level
since the end of September. Gold even had to overcome negative gold
coin demand stories during the US Thursday trade that suggested stellar
returns in equities was prompting some gold coin investors to consider
rotating for better yields. Against a back drop of persistent weakness
in the Dollar (the Greenback fell to the lowest level since February of
this year and that had to spark some currency related buying today.
Overview
The one thing that remains overpowering longer term catalyst is the
persistent buying of physical gold by the east. More and more evidence
correlates that the latest supply of gold is coming from none other than
the gold ETF (GLD). The massive draw downs in inventory are being
reported by the press as bearish but to see silver have hardly any
drawdown in its inventory is suggestive that current supply continues to
dwindle and the control boyz are having to draw from one of its final
inventory locations. Indeed, one could almost go as far as saying these
ETF’s were created for just such an occasion as the control boyz are the
archeries of these vehicle’s.
Short term trends are still up into Nov 3rd (plus or minus 72 hours). The jobs report on Tuesday instead of Thursday kind of threw a spin into things this week, at least from my end of the spectrum on a timing basis. There’s usually one pullback during the short term cycle but it may have occurred when we hit 1309.50 on Tuesday just before the report. If we can get a pullback into Monday or Tuesday near 1322 odds will favor one final pop up next week before the next short term cycle.
Intermediate trends are neutral to bullish. Medium trends are at the 1387-1440 area in price range and it may be possible that gold is gearing to go test those levels but we’ll have to see where this short term cycle top puts in for a number next week.
Gold Pivot pointsShort term trends are still up into Nov 3rd (plus or minus 72 hours). The jobs report on Tuesday instead of Thursday kind of threw a spin into things this week, at least from my end of the spectrum on a timing basis. There’s usually one pullback during the short term cycle but it may have occurred when we hit 1309.50 on Tuesday just before the report. If we can get a pullback into Monday or Tuesday near 1322 odds will favor one final pop up next week before the next short term cycle.
Intermediate trends are neutral to bullish. Medium trends are at the 1387-1440 area in price range and it may be possible that gold is gearing to go test those levels but we’ll have to see where this short term cycle top puts in for a number next week.
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
Gold reached the 1350 area yesterday and into the range
of its most likely first target of 1350-1360.
Support is now 1313-1322 and 1331-1336 on a daily basis and weekly at
1305-1309. Resistance is the 1352-1360 area where the purple and gold
line meets and then 1372-1380 where the Fib retrace (1372) and the next
upper gold line crosses (1380). Those are the most likely targets but
one thing to keep an eye on is the medium term moving average (34 week)
is currently at 1387. Odds are favoring a test of that average. My
thinking is that it will be in the next short term bull cycle in mid
November but if the upside remains strong, it will be a consideration.
The short term trend remains up and weekly targets have been met. Intermediate trend is also upgraded and it’s looking more and more like we’ve made an important low in October that might set the pace into year end. We may do a lot of backing and filling on Friday above and below the 50 day average at 1342.
Bottom line
The short term trend remains up into next week. Overall things look to be improving in gold for a potential higher price test in November towards 1387-1440.
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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
