Long Term ~ Neutral - Need a monthly close above 1800 to confirm the bull market final phase underway.
Medium Term ~ Neutral – Trend is now neutral after one year in bearish mode. A close above 1420-1480 needed for next significant price point--but a March close above 1322 GETS ONE MORE NOTCH to bullish.
Intermediate Term ~ Neutral– A close above 1355 needed for more bullish action. GLD is a hair from a bearish reading, but we are getting near the end of the short term cycle. A close below 1272 puts us bearish.
Short Term ~ Bearish – The Next short term cycle window is open--The window for a low opens on March 27th and runs into the first couple of days in April. WE SHOULD BE NEAR THE LOW HERE time and price wise. A close above 1308 would put us neutral.
Initial Resistance 1298-1308 2nd tier 1316--1322
Initial Support 1284-1293 and 2nd tier 1266-1274
Resistance was listed at 1318-1322 on the last update and the high was 1299 as gold once again remained very weak but may have made its cycle low as support was listed at 1284-1294 and the low was 1286.
Gold hourly chart
the trend Resistance will be 1298-1308 on Monday. But as long as we
remain below 1328-1333 it keeps us in the Feb price range and under
March's opening price. So we need a close above 1337-1343 at a minimum
to get things going back on the upside, but first above 1322. On a daily
basis, a close above 1308-1312 would neutralize the downtrend.
The trend remains down on the short term cycle but a low is due. We’
ve discussed quite a bit that the gold trend line could ultimately
provide the price support low for this correction and it got nailed
within a dollar or two on Friday.
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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.
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