Follow The XM Bull
Long Term ~ Neutral - need a monthly close above 1800 to confirm the bull market final phase underway
Medium Term ~ Bearish - Need a close above 1301-1340 to neutralize
Intermediate Term ~ Bullish/NEUTRAL – 1272 DID NOT GET TAKEN OUT ON THE CLOSE yet and thus intermediate term did not go full bullish. Trend decision due by Monday or sooner.
Short Term ~ BULLISH – we need a close above 1272 to keep uptrend going. We must hold 1222 on a closing basis otherwise we fall out of the channel on the hourly
Initial Resistance 1253-1263 2nd tier 1272-1282
Initial Support 1222-1235 and 2nd tier 1208-1214
Gold Short Term
The PRICE PATTERN IS OVERLAPPING and while not too choppy, it still has
some characteristics of counter trend. We could test the lower channel
and lower mini blue line on Monday. That will need to be support. I
will allow up to 1222 because of weekly reversal price point of
importance.
Support is 1222-1232 at the blue mini channel line and maybe 1237.
We believe we are on the verge of a MOVE THAT IS ABOUT TO DEVELOP at
some point on Monday or Tuesday morning. At this point either way can
still go. We either support here at 1240 area and mini blue line or
that one level lower. A close below 1222 favors the downside. A close
above 1255 IS FIRST SPOT we need to overcome for a chance at the
upside. That lower trend channel and lower mini blue line is the last
solid line. We should see support there on Monday or 1222.
Monday is the last day of the window for the last cycle and a new one begins. Its possible its already underway lower but if we can bottom here then the upside can still be in play. It will be important for the emerging markets to bounce this week also as we are at 2010 and 2012 support points on some of the charts. Perhaps they bounce this week.
Bottom Line
The next two weeks should be decided by Monday’s close and Tuesday’s action. A close below 1222 turns the odds to lower and a close above 1255 is 1st closing reversal we need to see for the upside getting the choice.
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Go to the XM Contest Arena
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All Profits Withdrawable
Free $20 Credit Added Automatically
Non Stop Contests to Join
Open a Real Account (you can use your existing account if you already have one)
Login to the XM Members Area
Register your unique Nickname and password
Enter the Contest Arena
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Keep Calm & Follow The Bull
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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.
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I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
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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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