Gold Trend Oct 28, 2014

 

Long Term ~ Bearish-Need a monthly close above 1800 to confirm the bull market final phase underway. Need a monthly close above 1560 to neutralize the trend.
Medium Term ~  Bearish– Gold needs to close above 1294 on a weekly and monthly basis for bullish outlook.
Intermediate Term ~ Neutral-resistance met at 1256 target (1252-1262) Odds favor a pullback is in play. GLD is the only holdout where it is above the averages.
Short Term ~  Bearish -But odds favor short term peaks this week with pullback into 1st week of November. Pullback may have already begun. Can’t rule one final spring higher but odds are we turn down from there or already have into Nov 7th.

Initial Resistance 1235-1245 2nd tier 1249-1254
Initial Support 1218-1226 2nd tier 1202-1211

 The gold chart

We either turn at 1218-1222 is the next and Monthly Support is 1202-1206, then 1180. The pattern from the lows while certainly not bearish did have a lot of overlap on those dips. It wasn't a pure impulse wave. On this four hour view, nothing has changed yet. We’re still in the downtrend channel from the July high. The numbers derived above are from the red uptrend lines you see on the chart. Expect strong resistance at 1237-1243 on Monday.

What Next?  

For now, odds were highest for a peak last week and a pullback into November 7th favors to be underway. The short term cycle window has been open since Tuesday and that has been the high. THE FOMC meeting begins Tuesday and end Wednesday. There’s also a lot of economic news getting ready to hit. It is not out of the question to get a pop higher into the 1237-1245 area on Monday/Tuesday.

The Fed meetings usually favor lower gold prices either before or after and sometimes both.

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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. 

 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. 

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