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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 to remove bearish trend.
Intermediate Term ~ Neutral– trading range.
Short Term ~ Bearish – Next short term cycle underway until April 18th
(plus or minus 72 hours).
Initial Resistance 1209-1215 2nd tier 1224-1234
Support 1192-1201 2nd tier 1172-1182
Last update listed resistance at 1198-1207 and the high was 1205.
Support was listed at 1178-1185 and the low was 1188.
Technical Gold
The chart below clearly illustrates the importance of the line and the bars confirm the markets recognition of this line with the tight bars and how the last 5 bars have touched the line. The last bar is very tight in range. That favors the next big move in gold should not be far away.
The next move should resolve pretty soon. Once it does, the trend should become definitive as gold will be heading for 1000-1100 if we lose this trend line on the chart above. If we have any upside left, we need to get weekly closes above 1225, then 1255 then 1272. Until then we should remain extremely cautious that gold (and silver) don’t need much to get pushed off the cliff.
Gold Cycles
The next short term cycle is due April 18th (plus or minus 72 hours). Odds favor we have gone through a pullback cycle and the “window” for this next short term cycle begins Wednesday. it is not out of the question that the 1182 low on Tuesday was it and the cycle arrived a day early.
April 20th is also a day to watch. That won’t happen until Monday. ANY CLOSE ABOVE THE DUAL BLACK RESISTANCE line will favor a move to 1234 as first target and then 1245 as the 2nd target. Until then, remain cautious. With the cycle window open any price probe of 1172-1182 again should be watched carefully for a short term low. A close above 1215 will add to the potential higher prices. A low is due this week or early next at the latest. From there gold should move higher into the 1st week of May.
Gold Short Term
The 1209-1215 area is resistance for Thursday. Above 1215 will favor a 1222-1225 test. The key is whether gold gets above 1225 as it would favor a quick move to the 200 day average at 1234. On the downside, gold is trying to hold the yearly support zone 1172-1182. Any close below 1192 will favor 1172-1185. We discussed that the thick 2015 downtrend line was the other area that gold would most likely provide INITIAL support should gold lose 1192. If the price of gold moves above 1215 on Thursday then 1222-1225 should come into play. WE DON”T THINK GOLD CAN HOLD AT 1225 IF THERE’S ANOTHER TEST AT THAT PRICE POINT and thus 1234 would become first resistance and then 1244. On the downside, it takes a close below 1192 to favor short term downside.
M Samer Al Reifae
Official Representative in Romania at HiWayFX
http://lordoftruth.blogspot.com
samer@hiwayfxglobal.com
+40 734 277 757
Official Representative in Romania at HiWayFX
http://lordoftruth.blogspot.com
samer@hiwayfxglobal.com
+40 734 277 757
YOU ARE NEVER LEFT ALONE
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
