Sunday, March 30, 2014

Gold Daily March 31, 2014
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.

gold hourly price chart

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