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 1255-1272 to remove bearish trend.
Intermediate Term ~ Neutral– Need close above 120-122 in GOLD ETF GLD to turn trend up.
Short Term ~ Neutral- The trading range remains at 1190-1225.
Initial Resistance 1212-1218 2nd tier 1222-1228
Support 1188-1192 2nd tier 1166-1176
The last update listed gold resistance at 1222-1226 and the high was 1223.
Support was listed at 1202-1212 and the low was 1204.
Last Friday Platinum closed at a new yearly low taking out 2014. That is not usually a harbinger of good things for the other metals. But as Monday came around and the moving averages turned up, all that was left for gold was to finally close above the 1222 reversal. But that was not to be and as the day wore on gold pulled all the way back to the moving averages and by the close in New York it began to look more and more like a bear trap was setting up. Sure enough, gold has broken under 1200 again. It’s not often that we get a bull trap with a moving average cross and a channel line penetration simultaneously, but 1222 gave us that on Monday.
Gold remains in a trade range of 1190 to 1225. If gold can CLOSE above 1225,
then we’ll look for 1239-1247 as the next resistance target.
On the downside, any break below 1188 will favor gold reaching 1155-1172.
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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
