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Monday, March 23, 2015

Gold Trend March 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 ~ Bearish– Need a monthly close above 1223-1242 to remove bearish trend.
Intermediate Term ~ Neutral– Need close above 115 in GOLD ETF GLD to turn trend up.
Short Term ~ Bullish- Short term cycle low most likely in place with rally to April 3rd underway. 
Need to maintain a close above 1162 to stay in bullish mode.

Initial Resistance 1189-1192 2nd tier 1205-1211
Support 1172-1180 2nd tier 1155-1162

Gold Short Term
Gold needs to get above the 2015 downtrend channel and that moving average at 1187.  Its been holding the Fib 23% Retrace but the move must come soon.  We’ve been favoring the 1200 area (1205-1211) but we must get above this line here, and like I said, soon.  Should we pullback instead here at the channel line, and the 1180 area (also the 2013 low) doesn’t hold, then look for 1162-1172 to offer support on Tuesday.  In summary, Gold has to deliver here short term.  The odds still favor it, but we could visit 1172 also before the push above the channel line.  Options expiration helps to favor it as well.
Gold short term support and resistance price chart


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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