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– Need a monthly close above 1223-1242 to remove bearish trend.
Intermediate Term ~ Neutral– trading range.
Short Term ~ Neutral - Short term cycle in pullback at back to neutral.
Next cycle due April 4th (plus or minus 72 hours)Medium Term ~ Bearish– Need a monthly close above 1223-1242 to remove bearish trend.
Intermediate Term ~ Neutral– trading range.
Short Term ~ Neutral - Short term cycle in pullback at back to neutral.
Initial Resistance 1196-1206 2nd tier 1211-1215
Support 1178-1182 2nd tier 1166-1172
The last update listed resistance at 1196-1206 and the high was 1291.
Support was listed 1172-1180 and the low was 1178.
Gold ended the quarter where it ended the year in 2014 at 1182. The 2013 low was 1178-1182 so this 1180 is quite yearly pivot point.
But there are other things to watch out for at the end of the week.
Remember…..besides the normal board marking for quarter end in stocks for gold delivery,
it is unemployment week. This report has been the biggest gold price mover of the month on many occasions. We have to be ready for anything as they probably want to clear the stops on both sides with their patented move 10 dollar either way (maybe more) on the news first to get the riff-raff out of the way.
To make this even dicier, markets are closed or only open for very limited hours until a few hours after the unemployment report as this is Good Friday holiday.
Along with this you can be assured volumes in all markets will be relatively low and fall of even further by Thursday... and by Friday, there will be no one around.
always interesting when they do this on good Friday... and not move the report up to Thursday, or back to the following week.
The chart below shows the SUPPORT that GOLD MUST HOLD in the 1160-1180 area. When we are below 1172-1182 on a CLOSING BASIS we are under the 2014 closing price for gold and that means that New lows are favored. That Yellow line at 1172-1182 is a bull/bear pivot line for the YEAR. Keep that in mind.
Gold Short Term
We discussed last night that 1178-1182 was support and if it didn’t hold to look for 1173. The low was 1178.30 in Spot. In addition the Fib line at 1181 held on the close and the 1182 closing yearly price in 2014 held with an 1183 close on Tuesday for Gold.
It comes down to whether the Fib retrace line at 1181 provides support, or if we move to the 1172 area. Either 1172-1181 or 1155-1165 is the current odds favored support for this week.
On the upside, resistance is 1189-1192 followed by 1296-1206 on Wednesday.
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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
