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. Gold price has arrived at the medium term moving averages (1245-1262)
Intermediate Term ~ Bullish– Resistance is 1294 and 1322.
Short Term ~ Bullish- Odds favor higher into Jan 19th (plus or minus 72 hours)
Initial Resistance 1296-1306 2nd tier 1314-1324
Initial Support 1272-1282 2nd tier 1238-1242
The last update listed 1284-1294 as resistance and the high was 1297.
Support was listed 1247-1255 and the low was 1272.
Short Term Gold
The breakout above the 2014 downtrend line now points to a move to upper resistance near 1322 on any close above 1295. We could well see that area before we even get the close above 1295. All eyes are on the ECB now and the US Fomc meeting will be Next week along with Options expiration. Support is now 1265-1272 and then 1255. Monthly support is 1222 and any pullback to that region should be strong support in Jan/February. Resistance is 1296-1304 and 1322-1326.
The key now is holding a Friday close above 1217-1222. As long as that is in play the trend remains up on an intermediate term. On the short term, a close below 1268 would neutralize the uptrend but it takes a close below 1247 to go short term bearish.
What Next?
Any close above 1295 favors we head to 1322.
If cycles play out, we should be peaking in the next 48 hours.
The ECB meeting has all eyes on for Thursday.
It is possible that gold can continue higher towards 1322.
The scenario’s are boundless as they can be construed either way.
With the US State of the Union on Tuesday, and the ECB on Thursday,
and the FOMC meeting next week, as well as options expiration,
things are growing in emotional frenzy.
The move to gold is the first panic we started seeing in early November,
but it was weak until about 2 weeks ago. The move from 1230 to 1280
on the Swiss/Euro peg removal caught us by surprise
and have put a lot of uncertainty in all markets.
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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
