Medium Term ~ Neutral– Gold needs to close above 1294 on a weekly and monthly basis for bullish outlook.
Intermediate Term ~ Neutral/Bullish-Still need close above 1243. Next resistance 1265-1272.
Short Term ~ Bullish- Still need a close above 1243. Next resistance 1256 / 1260.
Initial Resistance 1247-1257 2nd tier 1265-1272
Initial Support 1218-1228 2nd tier 1207-1211
The last update listed 1238-1248 as resistance and the high was 1249.
Support was 1218-1228 and the low was 1235.
Hourly Gold Chart
Gold is now supporting 1245------and this could give us the final push for this week towards 1256-1272.
What’s up with gold
Here’s the situation. If we get above this upper green arrow then odds favor gold will move higher. See that lower red line. That’s where I tried to buy gold for a trade but we never got there and instead bottomed at 1222. What happens if we get above that line at 1245?
Now lets zoom out on this chart.
If we get above this lower blue line area then we can head towards 1322-1342.
What Next?
The 1252-1262 area or 1272-1284 is this the most likely area we get into resistance. But in order to reach those targets, we must CLOSE ABOVE 1243/1245. The weekly close above 1222 does give potential for 1272-1284 to be tested in the coming weeks. On a monthly level the 1290-1302 area should be considered very strong resistance for now and also the key 1322 level.
Odds are highest for a peak this coming week between Oct 23rd and the 25th of the month and a pullback into the 1st week of November.
The consumer price index on Wednesday is likely the key event this week. We’re not sure if gold heads lower into that report with a push higher to end the week, or if we move higher into this report. The 1244 close today seems to favor we will move higher into it.
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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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