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 1195-1205 2nd tier 1209-1212
Support 1172-1182 2nd tier 1158-1163
Gold Short Term
Price is trying to hold the 1172-1182 area. This is the yearly opening range (1172-1182) we've discussed as a most important pivot for this year and price continues to converge at that price point.
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. The moving average at 1194-1196 is a closing price resistance, but the black dotted resistance line at 1195 and the Fibonacci 38% retrace at 1205 is the spot to watch on Monday if prices begin a very short term upside in price. Support lies at the lower black dotted uptrend lines (1172-1182) and then 1158-1163 and 1142-1152.
With the crazy trading range we have had, anything is possible on the short term and we just keep going back and forth.
ODDS FAVOR THAT GOLD ESTABLISHES THE NEXT TREND into mid month once it breaks either above or below the short term channel lines on the chart.
Bottom Line
As long as we are in the range of 1175-1225, we remain in a chop. That means we can trade at the upper or lower range in price at a moment’s notice and A SELLOFF CAN ALSO Take place at any time.
Watch that 1172-1182 area. It needs to hold.
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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
