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 and 1255 to remove bearish trend.
Intermediate Term ~ Bearish– Need close above 1222-1232 for higher TREND.
Short Term ~Neutral
Initial Resistance 1205-1212 2nd tier 1218-1228
Support 1162-1172 2nd tier 1141-1151
Gold Short Term
On Monday resistance is the 1205-1212 area and then 1218-1228 weekly. Look for support in the 1188-1194 range on Monday and then 1172-1182.
A daily CLOSE BELOW 1162 will ADD A LOT OF WEIGHT OF BEARISH ACTION and the potential to move to new bear market lows in gold will increase substantially. Until then we remain in a trade range.
What next?
Monday looks like resistance at 1205-1208 and support at 1188-1194.
Bottom Line
June often is a turning point but it can extend into July. As long as we remain above 1162, there is still a potential for gold to mount a rally.
While odds continue to favor this range to end, it has become a wait game.
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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
