Long Term ~ Neutral - need a monthly close above 1800 to confirm the bull market final phase underway
Medium Term ~ Bearish - Need a close above 1371-1421 to neutralize.
Intermediate Term ~ Neutral -- resistance 1333-1343
Short Term ~ Bearish – A cycle turn up due between Thursday and Monday.
Support and Resistance
Initial Resistance 1282-1292 and 2nd tier 1305-1312
Initial Support 1253-1263 and 2nd tier 1232-1242
Resistance listed in the last update was 1288-1295 and the high was 1286.
Support was listed at 1260-1272 and the low was 1260
CME GROUP NEWS
Gold Overview
Gold Short Term
Medium Term ~ Bearish - Need a close above 1371-1421 to neutralize.
Intermediate Term ~ Neutral -- resistance 1333-1343
Short Term ~ Bearish – A cycle turn up due between Thursday and Monday.
Support and Resistance
Initial Resistance 1282-1292 and 2nd tier 1305-1312
Initial Support 1253-1263 and 2nd tier 1232-1242
Resistance listed in the last update was 1288-1295 and the high was 1286.
Support was listed at 1260-1272 and the low was 1260
CME GROUP NEWS
Like the rest of the metals markets on Tuesday, gold showed some early
interest in the upside only to have those gains reversed and the market
turn sellers. From the mid-morning Tuesday high to the lows on Tuesday,
December gold saw a setback of more than $20 an ounce. Even in the face
of a softer Dollar, gold was unable to garner favor perhaps because of
hints from a Fed member that tapering could well begin in December.
However, the Fed's Lockhart also suggested that inflation was too low
and that inflation would have to climb towards the 2% target for the
tapering to begin.
Gold Overview
Gold remains weak on this downtrend and a close below 1258-1259 warns of more potential downside.
Last night we said to watch 1260-1272 for Tuesday on the short term
update and support and resistance and the low was 1260. While this could
be setting up for the low of this short term cycle any close below
1258-1259 will favor lower to at least the purple trend line just under
1250 with the potential for 1222 if things get out of hand on the
downside. Perhaps this is a lead in for Janet Yellen and the hearings on
Thursday. That will be the 1st day of the window for the short term low
as well. We’re either making the low here, or about to get a strong
move towards 1222-1242.
Gold Short Term
The 1st support to watch for is the 1258-1260 on Wednesday and that
purple channel line under 1250. This is the same situation we spoke of
last night. Thus the 1st target has been met and now if we close below
1258-1259 then 1240-1245 comes in play. The low is 1251 in October.
Resistance comes in around 1280-1290 on Wednesday.
In summary, the short term trend remains down but is due to bottom
during Thursday thru Monday. The purple line seems to be the most likely
target, but there is a chance of holding here at 1260. Let’s see what
Wednesday brings.
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If you do not have a Paypal or Moneybookers account,
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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
