Monday, November 3, 2014

Gold Trend Nov 04, 2014


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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 ~ BearishGold needs to close above 1294 on a weekly and monthly basis
for bullish outlook.
Intermediate Term ~ bearish-A low is due to develop this week and a reflex rally into latter
November is the odds favored trend once the low is in.
Short Term ~ Bearish-The pullback into 1st week of November has taken place
and odds favor a low Nov 7th (plus or minus 72 hours)

Initial Resistance 1178-1182 2nd tier 1196-1206
Initial Support 1155-1163 2nd tier 1144-1148


Gold chart

The dramatic drop in gold is now trying to hold the 1151-1160
area where a host of Fibonacci price levels are present as well as a minor downtrend line.
A failure to hold here would suggest price points of 1140-1148 or 1111-1125.
1st resistance is at 1178-1182 and then 1202-1212. The trend remains down.

Gold 4 hour price chart with support and resistance lines

What Next?
We discussed if we lost 1180 we could see a dramatic move and certainly that has developed.
The only thing now is does the drama keep plunging or do we support
at this 1156-1163 area we’ve discussed as 1st support this week or do we keep going down towards 1144 and even 1100-1111?
Any CLOSE BELOW 1163-1165 warns of further downside potential before
we bottom this week and begin a reflex rally into around the 20th of November.

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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. 
 King Regards