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Thursday, April 23, 2015

Gold Trend April 24, 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 1172-1182 2nd tier 1158-1163

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 1172-1182.   
Until we close above 1212 or under 1180, things are on hold.
Gold is now testing the downside again.   
If it holds we may get a push higher and into tomorrow.  
But really,  we have to wait this out.

Bottom Line
There is a lot of uncertainly with liquidity as well as the potential of a Greek exit.   The last time we had a liquidity squeeze (the 2008 crash), gold fell along with everything else but was the first to bottom and a strong rally from 680 to 1900 took place over the next 2.5 years.   Thus on the short term there’s not much we can do but wait.
While the medium term trend is down, the medium term moving averages are actually arriving near where 1st resistance resides (1215-1235).  In a regular correction off a bear market, a monthly close above those numbers would most often be enough to turn the tide.  But this is no ordinary correction.  Gold has two major roadblocks above the averages.  The downtrend dual gold channel lines give resistance near 1255-1295.   For a trend change price needs to conquer those lines and make them support.  That would favor the correction in gold is over. 

M Samer Al Reifae
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. 
 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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