Monday, May 4, 2015

Gold Trend May 05, 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 1255 to remove bearish trend.
Intermediate Term ~ Neutral  – trading range 1170-1225.
Short Term ~ Neutral  – Price remains in trade range 1175-1225 and waiting for 
breakout or breakdown.

Initial Resistance 1197-1205 2nd tier 1212-1215
Support 1172-1182 2nd tier 1163-1168

The last update listed resistance at 1188-1192 and the high was 1193.  
Support was listed 1163-1172 and the low was 1177.

Gold Short Term
The April Non-Farm Payrolls report will central focus this week with consensus estimates calling for a print of 225K on the heels of the dismal March report which came in at just 126K with unemployment expected to downtick to 5.4%.
From a chart perspective, the two final support points before new lows suggest 1163-1168 and 1142-1152.   With the trading range mess it’s going to take a close above 1225 on a weekly basis before we can say the trend is up.   With the NFP report this coming Friday, it’s going to be a long 4 days of trading.  It takes a close above 1197 to flip the short term bullish.   But with the crazy trading range we have had, anything is possible on the short term and we just keep going back and forth.  Just look at the pattern over the last 30 days.  Incredible.
Gold price chart
 What Next?
This week the NFP report on Friday will be the biggie.   We remain in a trading range of 1175-1225.   Tuesday favors a test of 1292-1297 and then we’ll see.   Pullbacks should find support near 1183.

Bottom Line
As long as we are in the range of 1175-1225, we remain in a chop.

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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. 
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