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 – short term high due Nov 3rd – plus or minus 72 hours
Support and Resistance
Initial Resistance 1328-1334 and 2nd tier 1343-1353
Initial Support 1301-1312 and 2nd tier 1280-1291
What's Next?
Medium Term ~ Bearish - Need a close above 1381-1431 to neutralize.
Intermediate Term ~ Bullish -- resistance 1372-1387 & 1357-1362
Short Term ~ Neutral – short term high due Nov 3rd – plus or minus 72 hours
Support and Resistance
Initial Resistance 1328-1334 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 1311.
CME GROUP NEWS
CME GROUP NEWS
The gold market waffled around unchanged early Monday morning but
seemed to catch a bit of a bid into mid session. With modest weakness in
the Dollar, higher equities and countervailing US scheduled data, the
gold market was lucky to have come away with a slightly positive early
on. Factory orders were a touch weaker than expectations, while the ISM
New York current Business Index showed a fairly significant jump. All
things considered, the magnitude of the rise in the regional ISM might
have countervailed some of the major headline status of the Factory
orders results. However gold couldn’t get above 1322 and drifted into
the lower range into the close.
The short term cycles are due now, Nov 3rd (plus or minus 72 hours). The big question is whether the high is already in place on this cycle at last Wednesday’s high. Most of the time the cycles turn within the window but every once in a while they can be early or late. The window for the last cycle closes Wednesday so there is still the potential to move higher into mid-week. It’s really a tuff call at the moment.
The short term cycles are due now, Nov 3rd (plus or minus 72 hours). The big question is whether the high is already in place on this cycle at last Wednesday’s high. Most of the time the cycles turn within the window but every once in a while they can be early or late. The window for the last cycle closes Wednesday so there is still the potential to move higher into mid-week. It’s really a tuff call at the moment.
Gold Short Term
Gold could not get above 1322 yesterday and is hanging on to last
support before a minor at 1291 an then 1272. Resistance is the 1328-1335
and then 1343-1347. The bears are close to taking over short term
control. Gold needs to get back above 1335-1340 in order for the upside
to have any traction. IF we break this support near 1305-1310 odds favor
lower.
We still have a mishmash of neutral-bullish-bearish indications and
that’s what usually develops in a sideways trend. Until we break above
or below the daily cycle charts trend lines we’re in neutral mode.
Support is at 1305-1312. 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 of 10 dollars. Usually this type of action would favor a
break lower. Lets see what develops.
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please click on one of the links below to open your free account today.
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You will be paid $10 per standard lot of Gold traded and
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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
