Wednesday, May 28, 2014

Gold Trend May 28, 2014


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Long Term ~ Bearish - Need a monthly close above 1800 to confirm the bull market final phase underway.
Medium Term ~ Neutral – Gold on the verge of TURNING BEARISH MEDIUM TERM. A close below 1272 on a weekly basis does it.
Intermediate Term ~ bearish– now testing 1265-1272. Need close above 1312 for neutral reading to be enforced and 1322 for bullish.
Short Term ~ bearish– The short term cycle is up in the air at the moment. 
A close below 1277 puts us outright bearish on the short term. A close above 1312 for upside.

Initial Resistance 1272-1278 2nd tier 1283-1287
Initial Support 1258-1260 and 2nd tier 1234-1244


Gold Short Term
Price broke to the downside and reached the 1265 area registering a low at 1260. A rebound back to 1272-1278 is possible but so is a continuation of this break where we could move down towards 1234-1240.
We have now reached the lower end of this range we have seen since April and if it gives way we can the lower target mentioned above. Gold should try and bounce first so let’s see what happens.

gold hourly price chart
What Next?
Gold has broken to the downside. Today is the ideal cycle turn date (May 28th – plus or minus 72 hours) and it is possible to see a low this week. However, it is also possible that this new push lower is just the beginning of a new two week trend.

Bottom Line
The June contract rollover is underway until the end of this week. If we lose the 1260-1265 area in gold then 1234-1240 is the next support area.
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