Monday, February 10, 2014

Gold Trend Feb 10/2014



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 – 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 the trend goes to neutral/bearish.

Initial Resistance 1262-1272 2nd tier 1284-1294
Initial Support 1243-1253 and 2nd tier 1222-1232



Gold Short Term
Support is 1238-1248 and 1222-1228 and resistance 1267-1272 and the upper channel line in the 1290’s.
As long as we can hold the channel the upside still has potential to reach the upper channel line again. Support on a CLOSING basis is first at 1248-1255 this week and at 12628-1238.  The hourly chart lists resistance at 1292-1302.  That range will move higher during the week as the upper trend line does.  You can see how many spikes have hit near 1270-1275 and that is really the key to the coming week --- is we need to close above there in order to get to the targets laid out earlier in the update.
gold hourly price chart
What Next?
China returns and Yellen testimony is on Tuesday.  That means Monday favors higher.  And yes, we got to get above this 1272.
Bottom Line
The bottom line is someone is not allowing gold to close above 1275-1280.  If gold were get above it it favors 1288-1298 on Monday with ideal 1292-1294

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TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED. 
 Do your own due diligence. 
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