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 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 1321.
Support was listed at 3101-1312 and the low was 1305.
CME GROUP NEWS
We're about as neutral as we can get at the moment.
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 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 1321.
Support was listed at 3101-1312 and the low was 1305.
CME GROUP NEWS
The bull camp might point to a quasi double bottom low in the December
gold contract at $1,305 as a solid support point. However, the bear
camp might suggest that the failure to avoid a fresh lower low and an
extension of a pattern of lower highs leaves the technical picture
pointing downward. From a fundamental perspective December gold did
manage to rally in the face of positive US scheduled data on Tuesday,
with the nearby contract forging a low to high run up of roughly $7 an
ounce. Once again the gold market seemed to shift its market focus from a
recent fear of US tapering to a temporary period where positive data
served to lift prices. In looking ahead the gold trade might be expected
to continue to watch for up beat data and that could lift gold prices
if that in turn doesn't serve to lift the Greenback.
Gold Short Term
Gold has tested 322 on Monday and 321 on Tuesday. The Tuesday low was
20 cents above last week’s low and that usually means a re-test of
resistance WHICH remains at 1322-1333 for Wednesday. With a 1305 low on
Friday and 1305.20 on Tuesday, the potential for gold to make a bit
towards 1333-1343 could be in play. The KEY is gold did hold where it
needed to on Tuesday so odds favor a bounce into Thursday or at least
Wednesday afternoon.
If we break this support near 1305-1310 odds favor lower. The key on
the short term upside is that area of 1334-1343. There’s a good band of
resistance there and one a 1353-1357. In summary, the trend is NEUTRAL
at the moment. A close below 1305 and 1290 favors 1250-1272. A close
above 1334-1343 keeps upside potential alive. There’s not much else we
can do as a full sideways trend is currently in play.
What's Next?
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 1305-1312.
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 but a
double bottom at 1305 (last Friday and Tuesday) leaves Wednesday most
likely with a test of 1320-1330.
Bottom LineWe're about as neutral as we can get at the moment.
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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
