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 ~ NEUTRAL –Need close above 1343 for bullish.
Short Term ~ Bullish ~
Support and Resistance
Initial Resistance 1343-1353 and 2nd tier 1373-1380
Initial Support 1322-1331 and 2nd tier 1310-1315
Tuesday gold prices reached 2nd tier resistance (1343-1353) with the high coming in at 1344. Listed support at 1301-1311 came in at 1310
Medium Term ~ Bearish - Need a close above 1387-1440 to neutralize.
Intermediate Term ~ NEUTRAL –Need close above 1343 for bullish.
Short Term ~ Bullish ~
Support and Resistance
Initial Resistance 1343-1353 and 2nd tier 1373-1380
Initial Support 1322-1331 and 2nd tier 1310-1315
Tuesday gold prices reached 2nd tier resistance (1343-1353) with the high coming in at 1344. Listed support at 1301-1311 came in at 1310
CME GROUP NEWS
The bull camp had to come away from the action Tuesday emboldened by
the action on the charts. While significant currency related support
probably provided some lift to gold, the main bullish theme was probably
ideas that US Fed tapering was being pushed backward once again. While
some players doubt the recovery capacity of the US economy after today's
data, a portion of the market thinks putting off the tapering could
facilitate a quicker recovery or it could also take the inflation
prospects from close to "zero" and put them into the "possible"
category. Some players suggest that concerns of a deterioration in
relations between the US and Saudi Arabia might have contributed to the
rally in gold today but that seems unlikely since energy prices today
were generally weaker. There were some positive gains in Brent crude
pricing early in the Tuesday trading session and therefore a slight
increase in safe haven issues from the Middle East can't be completely
ruled out.
Gold Pivot pointsR1 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
Last update discussed odds favored gold was pulling back to the jobs
report and favored getting above the downtrend line toward 1333-1343 and
that’s pretty much what played out. I had thought we would test under
1305 but 1309.50 was the low.
The short term trend is up into next week and the target for this week might be 1350-1360. There could be a consolidation and pullback attempt on Wednesday into Thursday.
The short term trend is up into next week and the target for this week might be 1350-1360. There could be a consolidation and pullback attempt on Wednesday into Thursday.
If there’s another pullback to 1322, it should offer support. The
other important support is the green 200 hour moving average and the
purple downtrend line in the 1296-1300 area. That should be maximum
pullback if this new uptrend is solid.
What's Next?
The short term trend is up and odds favor higher into next week. We certainly can get some consolidation and pullback but the odds are with the bulls into Nov 3rd (plus or minus 72 hours)
Bottom line
Gold is more in a trading range at this time but medium term it seems to be setting up as the medium term blue moving average is down to 1387. The 1387-1440 area is where the medium term would actually come out of bearish mode for the first time in quite awhile.
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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
