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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 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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