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 ~ Neutral– Gold has been upgraded to neutral, but just barely.
Intermediate Term ~ Bearish– Need close above 1272-1285 for full bullish
Short Term ~ Bearish- Short term cycle due to bottom Feb 19th (plus or minus 72 hour)
Initial Resistance 1212-1222 2nd tier 1231-1239
Support 1193-1203 2nd tier 1167-1172
The last update had resistance at 1234-1243 and the high was 1234.
Support was listed at 1216-1222 and 2nd tier at 1197-1207 and the low was 1202.
No one could find a reason why gold went down today so the blamed talk of higher interest rates as the cause. You see, its easy to make something up or just use something when hard pressed.
It should be obvious now that news and fundamentals are tossed out the window and the opposite is happening. Therein lies the rub. The biggest mover for markets is always SENTIMENT.
Gold Short Term
The bounce off the 1220 area last week had us thinking that gold would hold but we did mention any drop below 1216 would favor 1197-1207. We got to 1202 on Tuesday before a bounce. Odds favor Wednesday should reach 1193-1203 with the ideal near 1197.
Important is price at the last uptrend support for the rally that began in November. This support line is the last one until the 1167-1172 area. While the odds favor we try a bounce near this region, it is not an absolute. Thus odds favor a low and bounce begins near the 1197 area (plus or minus 5 dollars). Wednesday might again give us a weekly low. Overall the trend remains down. The purge lower to 1202 also re-activates the potential to move to 1167-1172. Odds favor we hold the lower support line on Wedneday and a bounce from there should begin.
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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
