Medium Term ~ Neutral/bearish– The failure on gold’s part to close above the moving averages on a monthly basis (March, April, May, July, August) has left the downside open to lower Price potential.
Intermediate Term ~ Bearish– Need a close back above 1272 for neutral.
Short Term ~ Bearish- Gold cycles due to turn this week.
Initial Resistance 1235-1245 2nd tier 1255-1260
Initial Support 1220-1225 2nd tier 1205-1212
A significant portion of the market sees a triangle pattern as
completed, and us being on our way to lower lows. Most of the
technicians are touting how bad the market looks. Even the
fundamentalists are now losing "hope," and some have admittedly become
"brokenhearted." Sentiment is at multi-year lows according to some that
track it. And, hedge funds have huge short positions in place. This is
not usually a recipe for a continued strong decline.
Hourly Gold Chart
These are the two most likely channel potentials that exist at the
moment. Either the lows are made here on Monday or the medium term
cycle will continue to expand its influence. The 1220-1225 area is
support and then 1210. Resistance is 1235-1243.
What Next?
Support is around 1210-1222 for Monday. Short term cycle windows
have closed and now the medium term cycle due Sept 23rd (plus or minus
2.5 weeks) is in play. Thus a low of importance should be coming in
play.
The key event coming is the FOMC meeting this week and whether the Fed changes and policy.
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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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