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 1312 and 1322. Pullback in play.
Only close above 1310 puts upside back in play. A close below 1247-1255 puts trend in neutral.Medium Term ~ Bearish– Gold needs to close above 1272 on a weekly and monthly basis to neutralize the downtrend.
Intermediate Term ~ Bullish– Resistance is 1312 and 1322. Pullback in play.
Short Term ~ Bearish- a cycle low is due Feb 3rd (plus or minus 72 hours).
Initial Resistance 1265-1275 2nd tier 1285-1292
Support 1243-1255 2nd tier 1222-1232
Short Term Gold
We discussed the 89 and 200 hour averages meeting up in the 1185-1190 area for a decision as to whether we’re heading for 1255 or for 1322 next. The winner was 1255 as that was projected if we failed 1266-1272. Thus the pullback is still in play and we got that one more push lower to 1255 that we discussed last night.
The only thing not going to plan is I did not expect these price levels to happen on broken support until next week. And the reason I don’t like it is that the short term cycle window just opened tonight and that means there’s still 4 TRADING days left before the window closes. While it can certainly bottom here, I don’t like how close to closing below 1255 we got. While we can turn here for sure, the odds are for a few more days of this. If we close below 1272 on Friday it will be a sign of weakness. Not necessarily the end of the uptrend, but it will activate 1217-1222 as 2nd tier support. A close below 1255 on Friday will favor a test of 1238-1243 and potentially 1217-1222 next week.
On a weekly basis, 1243-1255 is very strong support and if 1266-1272 doesn’t hold, the 1243-1255 will become the odds favored spot for a low this week. One of those two price area’s are the odds favored low points for this week and the Tuesday low could have been the low for the week. We need to close above that upper black channel line above 1305 to tilt the odds back to up.
The short term trend remains up as we need a close below 1285 to go from bullish to neutral. The intermediate term needs a close below 1272 to go neutral. As long as price remains in the blue momentum channel, the short term trend is up. If bust above the dual main channel line, and then exceed 1310, odds will favor 1322-1332. A close below 1280 keeps the door open for the pullback to last a bit longer, retest 1266-1272 and potentially reach 1255. A close above 1305 would begin to favor higher.
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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
