Long Term ~ Neutral - need a monthly close above 1800 to confirm the bull market final phase underway
Medium Term ~ Bearish - Need a close above 1381-1431 to neutralize.
Intermediate Term ~ Bullish -- resistance 1372-1387 & 1357-1362
Short Term ~ Neutral – Cycles are mixed --- need a close below 1305 and 1290 for bearish
Support and Resistance
Initial Resistance 1322-1334 and 2nd tier 1343-1353
Initial Support 1301-1312 and 2nd tier 1280-1291
Resistance listed in the last update was 1328-1334 and the high was 1322.
Support was listed at 3101-1312 and the low was 1309.
CME GROUP NEWS
Gold Short Term
Medium Term ~ Bearish - Need a close above 1381-1431 to neutralize.
Intermediate Term ~ Bullish -- resistance 1372-1387 & 1357-1362
Short Term ~ Neutral – Cycles are mixed --- need a close below 1305 and 1290 for bearish
Support and Resistance
Initial Resistance 1322-1334 and 2nd tier 1343-1353
Initial Support 1301-1312 and 2nd tier 1280-1291
Resistance listed in the last update was 1328-1334 and the high was 1322.
Support was listed at 3101-1312 and the low was 1309.
CME GROUP NEWS
The gold market bounced on Wednesday and in the process the market
managed a higher high and a higher low on the charts. Gold prices seemed
to benefit from favorable currency market action but most of the gains
in the US trade took place well in advance of US scheduled data flows.
In retrospect, December gold prices generally saw a steady decline in
prices throughout the US trade but the trade may have lost additional
ground in the face of slack US mortgage application data and a jump in a
private layoff report. In short, gold wasn't seemingly able to gain off
weak data that could lower the prospect of a December Fed tapering but
gold did seem to benefit from developing weakness in the Dollar. It is
also possible that gold prices drafted some fresh support from a
recovery in North American gold mining shares and it is also possible
that gold has somehow managed to align with the positive action in
equities. There are some gold bulls that suggest gold's bounce Wednesday
was the result of a realization that US data is simply too weak for the
number Friday to be strong enough to put the US Fed in a position to
begin tapering in December.
Gold Short Term
Gold has tested 322 on Monday, 321 on Tuesday, and 1322 on Wednesday.
We have a Friday low at 1305 and a Tuesday low at 1305.20. Price has
been in a tight range all week and the pattern looks like its getting
ready to break one way or another. It’s not usually bullish with this
type of pattern, but things are so strange at the moment in gold that
nothing would surprise me. Until we can close above 1328-1338 or below
1290-1305 the situation is neutral. The bear have a slight advantage but
price has got to move to be sure.
If we break this support near 1305 and then 1290 odds favor lower. The
key on the short term upside is that area of 1328-1338 going into
Thursday. There’s a good band of resistance there and one a 1353.
What's Next?
Become an XM IB or Affiliate Partner today
We still have a mishmash of neutral-bullish-bearish indications and
that’s what usually develops in a sideways trend. Even the short term
cycle has a case for either side.
Until we break above or below the dotted trend lines on the daily
chart we use for cycles, we’re in neutral mode. Support is at 1305-1310.
There’s a minor support at 1291. After that its 1272. Resistance is
1328-1334 on Tuesday. Gold is just sitting in a tight range. Usually
this type of action would favor a break lower but a double bottom at
1305 (last Friday and Tuesday) leaves the situation in neutral.
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thelordoftruth@gmail.com
1. Open your account HERE
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.
Moneybookers
Paypal
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.
King Regards
