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Wednesday, April 22, 2015

Gold Trend April 22, 2015



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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 1170-1225.
Short Term ~ Neutral– Next short term cycle begins Tuesday/Wednesday into May 3rd. 
 Price remains in trade range 1175-1225 and waiting for breakout or breakdown.

Initial Resistance 1209-1214 2nd tier 1219-1226
Support 1182-1193 2nd tier 1165-1175

Resistance on the last update was listed at 1207-1214 and the high was 1204.  
Support was listed 1182-1193 and the low was 1193.

ECB Prepares To Sacrifice Greek Banks With 50% Collateral Haircut
Submitted by Tyler Durden on 04/21/2015 
In what seems like a coincidental retaliation for Greece's pivot to Russia (and following Greece's initiation of capital controls), the supposedly independent European Central Bank has decided suddenly that - after dishing out €74 billion of emergency liquidity to the Greek National Bank to fund its banks - as The NY Times reports, the value of the collateral that Greek banks post at their own central bank to secure these loans be reduced by as much as 50%, and the haircut scould increase if negotiations with Europe remain at an impasse. As we detailed earlier, this is about as worst-case-scenario for Greece as is 'diplomatically' possible currently, and highlights an increasingly hard line by The ECB toward The Greeks as the move will leave banks hard-pressed to survive.

The Mystery Of China's Gold Holdings Is Coming To An End
Submitted by Tyler Durden on 04/21/2015 
While the reality is that nobody has a clue what China's actual gold holdings are, the good news is that the answer is coming. As noted above, Chinese Premier Li Keqiang has asked the head of the International Monetary Fund to include China's yuan currency in its special drawing rights (SDR) basket.  If indeed China is serious about CNY inclusion in the SDR, it will finally have to reveal its cards, which would mean it finally will provide an update, with a 6 year delay, of just what its latest gold holdings are. As such, don't be surprised to wake up one morning to headlines blasting that Chinese gold holdings have gone up by 2x, 3x, 5x or (more x) since 2009, a long-overdue update which will catalyze the next major leg higher in the precious metal.

Copper Plunge Continues Despite Chinese Stimulus
Submitted by Tyler Durden on 04/21/2015 -
Since China unleashed its latest (and greatest since 2008) RRR cut, stock prices have surged amid the liquidity hype. However, perhaps more indicative of the underlying reality of just what good an RRR cut will do to a debt-saturated economy full of weak credits thanks to tumbling asset prices, copper prices have now plunged over 6% in the last 2 days.

Gold Short Term
Once again there is no change to the short term as gold remains in a trade range of 1175-1225.  Resistance today is 1209-1214 and then 1225-1231.  Support 1182-1192.   Until we close above 1212 or under 1180, things are on hold.

Gold price charts since 2015 low

M Samer Al Reifae
Official Representative in Romania at HiWayFX
http://lordoftruth.blogspot.com
samer@hiwayfxglobal.com
+40 734 277 757

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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
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