Long Term ~ Neutral - need a monthly close above 1800 to confirm the bull market final phase underway
Medium Term ~ Bearish - Need a close above 1341-1404 to neutralize.
Intermediate Term ~ Bearish - resistance 1333-1343
Short Term ~ Neutral – support 1195-1205 and 1222. Short term cycles were due to bottom Dec 3rd (plus or minus 72 hours) and we have the lowest price of cycle ---1210 on Dec 4th. Price needs to hold now near 1222. We must close above 1222 to remain in neutral mode.
Support and Resistance
Initial Resistance 1239-1249 and 2nd tier 1254-1260
Initial Support 1222-1230 and 2nd tier 1190-1203
Yesterday’s resistance was listed at 1231-1241 and 2nd tier 1254-1264 the high was 1251.
Support was listed at 1195-1205 and the low was 1210.
CME GROUP NEWS
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Medium Term ~ Bearish - Need a close above 1341-1404 to neutralize.
Intermediate Term ~ Bearish - resistance 1333-1343
Short Term ~ Neutral – support 1195-1205 and 1222. Short term cycles were due to bottom Dec 3rd (plus or minus 72 hours) and we have the lowest price of cycle ---1210 on Dec 4th. Price needs to hold now near 1222. We must close above 1222 to remain in neutral mode.
Support and Resistance
Initial Resistance 1239-1249 and 2nd tier 1254-1260
Initial Support 1222-1230 and 2nd tier 1190-1203
Yesterday’s resistance was listed at 1231-1241 and 2nd tier 1254-1264 the high was 1251.
Support was listed at 1195-1205 and the low was 1210.
CME GROUP NEWS
The gold market came out of the trade today smelling like a rose as
the trade was confronted with data that could have rekindled tapering
and at the same time the data could have fostered significant adversity
from the currency markets. Therefore some traders are wondering if the
focus of the gold market has shifted back toward a classic physical
commodity market focus or if the action today was a one off short
covering rally. With the dollar bordering on a downside breakout it is
possible that more positive data from the US later this week might
result in an additional currency market related recovery action in gold.
Gold Technical Elloit Wave observations -- From reader Mike
Upside potential
I especially wanted to mention importance of this crossroads from EW point of view. From
many EW analysts now the price approaching the A=C status in autumn
downtrend and also trend support of this downtrend channel. It's exactly
on $1206 / $18,55 and internal structure could take gold little bit
lower to $1198, which exactly fits into your strong medium term trend
line support. This whole downtrend from summer top (25.12 and 1433)
takes longer time than previous rally from June's low, has lower volume
and has weaker momentum according to MACD than all this year's declines.
So it should be a correction and now it could be very good entry point
to another big rally into mid-January at least with a very tiny risk (SL
for new 3 years low).
Downside potential
However, the worst part of bearish trend, which
lasts more than two years, could and probably comes just after rally,
with strong dollar and falling stock market as was the case in 2008
(could be caused by taper, but not necessarily). Maybe the control boyz
will fight with the market until the last ingot in their western vaults,
who knows. It would take us to $1020 or even $890 during next year.
Gold Short Term
Even though the gold market exploded higher on Wednesday, a lot of it so
far looks like it was a short cover event. That certainly can change
into outright buying but the verdict is still out on that part. The
purple channel line was touched on Tuesday on the Feb gold contract and
for the most part traders elected to cover some positions.
Support on Thursday will be the 1222-1230 area and then 1190-1202. Resistance will be 1239-1249 and then 1254-1260.
So far on the chart all we have done is return to the weekly resistance
where there are four peaks above 1250 and below 1260. We need a weekly
close above 1272 to a more solid short term uptrend. The key Thursday
is whether we hold 1222-1230. The two purple channel lines at and just
under 1200 are must hold areas if we are not going to break the June low
at 1180. At the moment, we still can’t eliminate that potential. The
market is trading on Thursday like it was only a short cover rally and
if we can’t hold 1222 that will be the most likely case. So watch
1222-1230 closely.
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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
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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
