Thursday, February 6, 2014

Gold Trend Feb 06/2014

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 1293-1333 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.
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.  New short term cycle begins --- Monday was higher – now Tuesday is 1st day outside of window.

Initial Resistance 1262-1272 2nd tier 1284-1294
Initial Support 1243-1253 and 2nd tier 1222-1232
Last update listed 1263-1275 as resistance and the high was 1274. 
 Support was listed at 1240--1250 and the low was 1252.

 Gold Short Term
It’s still going to take a close above 1267-1272 to favor higher.  We discussed that Resistance would be tough in the 1275-1280 area and Wednesday got to 1275 and then all the way back down to 1251.  If we get above 1285-1295 there then the potential to move towards 1322-1333 will be favored.
Support is 1243-1253 and then 1220-1230. it looks like the NFP report on Friday is going to be the price mover of the week.  At this point either way can still go.  We either keep supporting near 1240 or that one level lower.  A close below 1220 favors the downside.  We have closed slightly above 1255 twice this week but can’t get the follow through.   gold hourly price chart 
What Next?
China is closed this week so be careful.  We’ve got to get beyond this 1255 area and we’ve been there since the Monday close.  Also the NFP payroll report is out on Friday.  Stocks should be ready for a bounce near this area --- we’ll see.  
Bottom Line
The bottom line is someone is not allowing gold to close above 1275-1280.  If gold were to close above 1272 on Friday it would favor 1322-1333.
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