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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 ~ Neutral– Gold needs to close above 1294 on a weekly and monthly basis for bullish outlook.
Intermediate Term ~ Neutral but at 1st resistance / next resistance 1255-1265.
Short Term ~ Bullish but at resistance 1240-1243 / next resistance 1255 / 1265.
Initial Resistance 1238-1244 2nd tier 1256-1265
Initial Support 1222-1229 2nd tier 1211-1218
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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 ~ Neutral– Gold needs to close above 1294 on a weekly and monthly basis for bullish outlook.
Intermediate Term ~ Neutral but at 1st resistance / next resistance 1255-1265.
Short Term ~ Bullish but at resistance 1240-1243 / next resistance 1255 / 1265.
Initial Resistance 1238-1244 2nd tier 1256-1265
Initial Support 1222-1229 2nd tier 1211-1218
Gold Overview
So far the gold bounce has been strong but interestingly it is
the weakest when compared to platinum, palladium and silver. Silver
bottomed one day earlier than the rest of the metals.
In gold it is looking like either 1240-1243 or 1256 to 1260 will be the target for this bounce from the lows established last Monday. The most likely peak this week is Wednesday at one of the two mentioned price areas.
A pullback to the 1218 area would be a 38% retrace if gold holds resistance at 1240 and 1211 would be a 50% retrace. Those are the most conservative points for those looking for short term trade on the long side.
In gold it is looking like either 1240-1243 or 1256 to 1260 will be the target for this bounce from the lows established last Monday. The most likely peak this week is Wednesday at one of the two mentioned price areas.
A pullback to the 1218 area would be a 38% retrace if gold holds resistance at 1240 and 1211 would be a 50% retrace. Those are the most conservative points for those looking for short term trade on the long side.
Gold was pretty much in the same price range as Monday reaching a high of 1238.
Right
now there should be strong resistance at 1240-1243 and odds favor a
pullback to either 1211 or 1218 should develop from there. The other
point we need to watch is if gold closes above 1243, then the odds shift
that we are moving to the 1260 area (give or take a few dollars). As
noted a pullback to 1211 to 1218 could set up a move to that 1260 area
as we near the 23rd of October (plus or minus 72 hours). The next chart
(cycles/daily) however shows we may be gathering support at a channel
line near 1225-1228.
What Next?
We’ve had a bounce at the same spot as the two 2013 lows. Odds don’t
favor it holding on the longer term but a hard bounce off an oversold
condition is taking place. The difficulty is how big this bounce is
going to be?
Gold moved to short term bullish last Thursday when it closed above
1213. For now a bottom and a bounce has occurred. Odds favor it
continues into Oct 23rd (plus or minus 72 hours).
There should be a peak this week at the 1240-1243 area and a pullback to
1211-1218. If we hold there then the potential for gold to move to the
1255-1265 area will come into play going into October 23rd (plus or
minus 72 hours).
There is one more potential for this week. The daily chart shows a
support line that gold held at on Tuesday. If gold can’t move lower than
this then the 1255-1265 area will become the target before a meaningful
pullback.
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This signals are delivered thru whatsappp +6018.341.2014
I was trading with a lot of brokers, and recently moved to HiWayFx.
Amazing service
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Unbeatable spreads, as low as 0 pips
No Dealing Desk (NDD) execution model.
No re-quotes from dealers, no dealer intervention & no execution delays
Trading during news allowed
Scalping allowed
Personalized technical and customer service support
Start trading with a minimum deposit of only $20
It is very important for to trade with fast order’s execution, I had opened Standard NDD Account And I was pleasantly surprised by the quality of order’s execution.
I trade with this broker within few weeks.
I like everything, so far.
I feel comfort and confidence with HiWayFx, this company always ready to help you in different situation (closing of the order, bonus conditions or just fast withdrawal). I don't have any problems with trading, even on news.
+40 734 277 757
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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.
King Regards
