Thursday, March 24, 2016

Gold Trend March 24, 2016

Gold Medium Term
Gold has broken out of a downtrend and many are calling for the bear market end.  If this is so, then gold must move above the TWO BIGGEST RESISTANCE lines in current striking distance and that is the Fibonacci 38% retrace at 1280-1290 and the April 2013 CRASH LOW at 1322 when over 600,000 (100 ounce) contracts changed hands.  A monthly close above 1322 favors a test of 1400 as the next great resistance.


Gold Short Term
The next cycle turn is due Marc 23rd (plus or minus 72 hours).   Just keep in mind that on average, 3 INVERSIONS occur yearly.   You can see the last INVERSION on the chart where the BLUE CYCLE TURNED INTO A HIGH...........and price got decimated.  Keep that in mind.  There are no absolutes in markets --- only odds.  On the shorter term, support is the 1233-1243 area and then 1217-1222 & 1190-1200.  For now the upper channel line is Price resistance (1288).  If we close above there, then look for 1305-1325 next.



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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.