21 Jan – 22 Feb
$500 Contest
Fxprizes
Long Term=Bullish - major yearly resistance 1792-1804 needs to be exceeded on a monthly bass and close above 1840 to resume long term up bull trend.
Medium Term=Bullish - It takes a weekly close below 1625 to turn the trend Neutral. Resistance 1755-1765(Oct/Nov 2012 Resistance)
Intermediate Term= Bullish---it takes a close below 1648 to go bearish.
Short Term= Bullish --- The trend is up but in danger of peaking. A close above 1698 would favor 1715-1720 and close below 1657 would neutralize the uptrend and a close below 1648 bearish. The pattern looks choppy and overlapping and that is a concern.
Support and Resistance
Initial Resistance 1686-1696 and 2nd tier 1711-1721
Initial Support 1675-1682 and 2nd tier 1663-1667
What next?
As we move to mid week Wednesday there’s always a chance for the high of the week to be registered. With the short term cycle turn window opening up the potential for a pullback to begin from this rally will be in play into the 26th (plus or minus 72 hours) between now and next Monday. However, with a cycle inversion in play it makes the call less reliable. As we’ve mentioned the one thing we’re concerned about is the price pattern we’ve seen since the lows. It has more chop and overlap then we like to see. On our signal trade page we’re long from 1668.50 and obviously our concern for the chop in the price trend makes it a tuff call as to whether we should take profits or let it run. But that’s from a trading standpoint. For medium term investors we continue to like the upside but WON’T be off the hook until we finally take out the 1792-1804 yearly resistance. For now the trend is up medium term, but short term has us cautious around this price and time point and it’s possible we’ve begun a pullback. If we move much lower than 1677 the potential for lower will increase.
BOTTOM LINE
we discussed the potential to make a price high on the 22nd and pullback into Friday or early next week as a strong consideration and a pullback began in yesterday’s trade. The failure to get above that purple trend line on the hourly chart, after three days of trying has put the very short term trend on a yellow flag warning. That is what the chop and overlap has been warning us of and that the 1698-1704 area was the most likely point where it could top out. We hit 1697 this week and now have traded down to 1681 so that is the one concern we’ve had all week and it remains so as we enter Thursday.
INVATA SA TRANZACTIONEZI GRATIS PIPSI IN FOREX
21 Jan – 22 Feb
$500 Contest
Fxprizes
INVATA SA TRANZACTIONEZI GRATIS PIPSI IN FOREX
$500 Contest
Fxprizes
Long Term=Bullish - major yearly resistance 1792-1804 needs to be exceeded on a monthly bass and close above 1840 to resume long term up bull trend.
Medium Term=Bullish - It takes a weekly close below 1625 to turn the trend Neutral. Resistance 1755-1765(Oct/Nov 2012 Resistance)
Intermediate Term= Bullish---it takes a close below 1648 to go bearish.
Short Term= Bullish --- The trend is up but in danger of peaking. A close above 1698 would favor 1715-1720 and close below 1657 would neutralize the uptrend and a close below 1648 bearish. The pattern looks choppy and overlapping and that is a concern.
Medium Term=Bullish - It takes a weekly close below 1625 to turn the trend Neutral. Resistance 1755-1765(Oct/Nov 2012 Resistance)
Intermediate Term= Bullish---it takes a close below 1648 to go bearish.
Short Term= Bullish --- The trend is up but in danger of peaking. A close above 1698 would favor 1715-1720 and close below 1657 would neutralize the uptrend and a close below 1648 bearish. The pattern looks choppy and overlapping and that is a concern.
Support and Resistance
Initial Resistance 1686-1696 and 2nd tier 1711-1721
Initial Support 1675-1682 and 2nd tier 1663-1667
What next?
As we move to mid week Wednesday there’s always a chance for the high of the week to be registered. With the short term cycle turn window opening up the potential for a pullback to begin from this rally will be in play into the 26th (plus or minus 72 hours) between now and next Monday. However, with a cycle inversion in play it makes the call less reliable. As we’ve mentioned the one thing we’re concerned about is the price pattern we’ve seen since the lows. It has more chop and overlap then we like to see. On our signal trade page we’re long from 1668.50 and obviously our concern for the chop in the price trend makes it a tuff call as to whether we should take profits or let it run. But that’s from a trading standpoint. For medium term investors we continue to like the upside but WON’T be off the hook until we finally take out the 1792-1804 yearly resistance. For now the trend is up medium term, but short term has us cautious around this price and time point and it’s possible we’ve begun a pullback. If we move much lower than 1677 the potential for lower will increase.
BOTTOM LINE
we discussed the potential to make a price high on the 22nd and pullback into Friday or early next week as a strong consideration and a pullback began in yesterday’s trade. The failure to get above that purple trend line on the hourly chart, after three days of trying has put the very short term trend on a yellow flag warning. That is what the chop and overlap has been warning us of and that the 1698-1704 area was the most likely point where it could top out. We hit 1697 this week and now have traded down to 1681 so that is the one concern we’ve had all week and it remains so as we enter Thursday.
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
