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Monday, February 23, 2015

Gold Trend Feb 24, 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 ~ Neutral– Gold has been upgraded to neutral, but just barely. 
A close below 1222 in February returns gold to bearish.
Intermediate Term ~ Bearish– Need close above 120 in GOLD ETF GLD to neutralize the downtrend.
Short Term ~ Bearish- A close above 1222 neutralizes the downtrend.

Initial Resistance 1207-1214 2nd tier 1220-1225
Support 1188-1194 2nd tier 1167-1172


The last update listed resistance at 1207-1212 and the high was 1210. 
Support was listed at 1188-1194 and the low was 1190.

Gold Commentary
China is closed and London and New York have it all day all day again on Tuesday. The Yellen testimony looms on gold as its often a bearish factor for gold. It all comes down to whether she gets pressured because of the massive rally in the US Dollar and she gets swayed to say she’s still “looking at the numbers” and that the ultimate decision will be based on how things look.
To full understand that is we have government reports and then we have reality. The government reports say all is well and that would mean that rates have to go up, and the Fed does want higher rates as the are desperate to end this zero rate policy experiment before blows up.
For all the bickering, complaining, and outright bashing of the US dollar and how the Fed was devaluing the world currency we have the same mouths now crying to get it to go lower before it brings down the global economy.
As the walls draw in the fed and sovereign nations are quickly running out of things to delay what is coming and none of it is going to be pretty.
It comes down to whether we hold 1188. Any break there and 1167-1172 and/or 1140-1155 will become the next targets and gold will most likely be heading lower into March 5th. It takes a close above 1222 to neutralize the short term downtrend.

Short Term Gold
it’s do or die for gold in the short term. The new cycle is underway and any low below 1188 favors we move lower towards 1167-1172 and potentially 1155. The key now is gold needs to get above the weekly reversal at 1222. For Tuesday, we have 1214 and 1222 as the key resistance points. On the downside anytime we are below 1197 the pressure is on and gold could break down. Price is right at the short term uptrend and downtrend lines. I suspect everything is going to be decided on the Yellen testimony. GOLD MUST CLIMB AND CLOSE ABOVE 1222 if the upside action due is going to take place. Until then the downside is still in play.

Gold Daily price chart

What Next?
It takes a close above 1222 to neutralize the short term downtrend. China is closed and London and New York have it all day all day again on Tuesday. The Yellen testimony looms on gold as its often a bearish factor for gold. It all comes down to whether she gets pressured because of the massive rally in the US Dollar and she gets swayed to say she’s still “looking at the numbers” and that the ultimate decision will be based on how things look.
To full understand that is we have government reports and then we have reality. The government reports say all is well and that would mean that rates have to go up, and the Fed does want higher rates as the are desperate to end this zero rate policy experiment before blows up.
For all the bickering, complaining, and outright bashing of the US dollar and how the Fed was devaluing the world currency we have the same mouths now crying to get it to go lower before it brings down the global economy.
As the walls draw in the fed and sovereign nations are quickly running out of things to delay what is coming and none of it is going to be pretty.
It comes down to whether we hold 1188. Any break there and 1167-1172 and/or 1140-1155 will become the next targets and gold will most likely be heading lower into March 5th.



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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