Sunday, January 11, 2015

Gold Trend Jan 12, 2015

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 1272 on a weekly and monthly basis to neutralize the downtrend.
Intermediate Term ~ Bullish– Resistance is 1238-1255. 
Short Term ~ Bullish- Odds favor higher into Jan 19th (plus or minus 72 hours).
Targets 1238-1242 or 1252-1272.

Initial Resistance 1229-1234 2nd tier 1238-1244
Initial Support 1208-1214 2nd tier 1198-1205

Short term Gold
We have the 1229-1234 and the 1238-1242 area as next resistance on Monday.  (Note 1255 is also an important price point of resistance in Elloit Wave circles).  The key is gold needs to break above this upper black dotted downtrend line. That’s step one.  Step 2 is in the 1238-1242 area at the gold trend line.  First Support is the 1208-1214 area on Monday and then 1198-1205.  The bulls have the advantage as we enter Monday up to that first black line.  That 1229-1234 has the odds favored high area on Monday.

gold hourly price chart

What Next?
Odds favor 1229-1234 on Monday and the other place to watch is 1238-1244 for now. 

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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