Monday, November 11, 2013

Gold Trend Nov12/2013

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 1288-1298 and 2nd tier 1305-1312
Initial Support 1260-1272 and 2nd tier 1240-1245
 
 Gold Short Term
the 1st support to watch for is the 1260-1272 on Tuesday. If this area is in play it might provide the first low target for this week and it’s the favored area. The 2nd area is the 1240-1245 area at the purple downtrend line. IF gold can’t hold 1259 then the potential to hit 1240-1245 will be in play. Resistance comes in near 1296 but the 1305-1310 area has strong resistance.
Ideal 1st support is right around that 1272 line on the chart. In summary, the short term trend remains down but is due to bottom during Thursday thru Monday.
gold hourly chart

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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. 
 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. 
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