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= Neutral---it takes a close below 1648 to go bearish.
Short Term= Bearish --- Need a close above 1681 to neutralize downtrend.
Support and Resistance
Initial Resistance 1663-1673 and 2nd tier 1671-1676
Initial Support 1643-1653 and 2nd tier 1610-1627
The hourly chart
The chop and overlap pattern that we warned about last week kept us from going getting bullish and once again that observation kept us from taking loses as we upped our stops at 1674 and snuck out with a profit on the website trade page. Now we can see that the downtrend since then is so far impulsive looking. The supports are from 1643-1653 and if we can’t hold there then the 1610-1620 area is the next strong support. There is minor support at 1625-1627 on a closing basis. The trend remains down. We have options expiration on Monday, Feds on Tues & Wednesday and Rollover out of the Feb contract by Thursday. Odds favor we test that 1643-1653 area with the potential for more if we can’t hold. There is a possibility we could spike towards 1675 as the option control boyz would do good on expiration if they could spike it there. If they do, it may very well be the high before the Fed meetings. Besides that, gold should remain under wraps until the feds release minutes and decision on Wednesday at 2:15 PM New York time, when the COMEX will be closed and market will be thin. Its best to remain defensive until gold shows some type of strength in price.
What next?
The bears smell blood
and with options expiration, the Fed meeting and the February contract rollover they have a chance to really stick it to the bulls. The trend remains down. A short term cycle turn is due between now and the 30th. The question is how far can they take it down?
If we close below 1647 the downside will be open for new lows.
BOTTOM LINE
We’ve mentioned that all is not right and it remains that way as we enter the week. Refresh yourself with the hourly chart as we’re heading to those support areas.
The trends remain down.
INVATA SA TRANZACTIONEZI GRATIS PIPSI IN FOREX
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= Neutral---it takes a close below 1648 to go bearish.
Short Term= Bearish --- Need a close above 1681 to neutralize downtrend.
Medium Term=Bullish - It takes a weekly close below 1625 to turn the trend Neutral. Resistance 1755-1765(Oct/Nov 2012 Resistance)
Intermediate Term= Neutral---it takes a close below 1648 to go bearish.
Short Term= Bearish --- Need a close above 1681 to neutralize downtrend.
Support and Resistance
Initial Resistance 1663-1673 and 2nd tier 1671-1676
Initial Support 1643-1653 and 2nd tier 1610-1627
The hourly chart
The bears smell blood
and with options expiration, the Fed meeting and the February contract rollover they have a chance to really stick it to the bulls. The trend remains down. A short term cycle turn is due between now and the 30th. The question is how far can they take it down?
If we close below 1647 the downside will be open for new lows.
BOTTOM LINE
We’ve mentioned that all is not right and it remains that way as we enter the week. Refresh yourself with the hourly chart as we’re heading to those support areas.
The trends remain down.
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
