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 1312 and 1322.
Short Term ~ Bullish- Odds favor a pullback should be developing
Initial Resistance 1302-1312 2nd tier 1322-1326
Initial Support 1285-1295 2nd tier 1262-1272
The last update listed 1302-1312 as resistance and the high was 1300.
Support was listed 1285-1295 and the low was 1285.
Short Term Gold
In the past, gold has pulled back to the FOMC and options expiration. That has been the norm. Perhaps things have changed. We’re going to find out. Support is the 1272-1282 area and 1255-1262. Resistance on Monday is 1300-1310, and 1316-1322. The short and intermediate term trend is up, but be cautious here. There’s strong resistance at 1310 and at 1332. The other key price points are the 2014 highs as depicted on the chart. Odds favor gold doesn’t do too much on Monday as it gets ready for the FOMC meeting that begins on Tuesday and option expiration on Wednesday. It’s possible we might see capping of price near or just above 1300 for most of the day. More important is what now happens in Greece with a newly elected anti-austerity Government.
What Next?
If cycles play out, we should be peaking here.
Now it comes down to the FOMC and options expiration this week.
As far as the short term, in the past we used to almost always pullback
to FOMC and options expiration usually gave us a pullback.
While odds favor a pullback, they are odds not absolutes. Markets do not have absolutes.
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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
