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 1205-1212 2nd tier 1219-1225
Support 1188-1192 2nd tier 1178-1182
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 Fibonacci 38% retrace at 1205 is the spot to watch on Wednesday. Support lies at the lower black dotted uptrend lines (1178-1182).
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 closes either above 1205 or below the short term channel lines on the chart.
What Next?
Watch for 1206 as resistance today. Weekly resistance is the 1212-1215 and 1220-1225 price points.
On the downside a close below the lower trend line would not be good but there is some support at 1168-1172. If that gives a close below 1163 favors 1142-1150 and potentially more.
The next short term cycle is underway but price has not made its decision as to the direction into the 18th of this month. It should be a higher cycle but recall on the weekly report that chart that shows the 2005 trend line. The decision as to whether price holds or not will decide on the next medium term move in gold. For six months we have been touching the trend line but we haven’t broken it yet. If it gives way, it won’t surprise me to see 1000 dollar gold at some point this year.
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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
