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 1647 to go bearish.
Short Term= NEUTRAL--- Need a close above 1681 to neutralize downtrend & close below 1647 for bearish.
Support and Resistance
(SPOT PRICES – ADD TWO DOLLARS FOR APRIL GOLD)
Initial Resistance 1670--1680 and 2nd tier
1692-1705
Initial Support 1643-1653 and 2nd tier 1610-1625
The hourly chart
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 1647 to go bearish.
Short Term= NEUTRAL--- Need a close above 1681 to neutralize downtrend & close below 1647 for bearish.
Support and Resistance
(SPOT PRICES – ADD TWO DOLLARS FOR APRIL GOLD)
Initial Resistance 1670--1680 and 2nd tier
1692-1705
Initial Support 1643-1653 and 2nd tier 1610-1625
The hourly chart
we’ve switched to the April Contract. (Subtract 2 dollars for spot prices). Today’s low was right at the purple channel line. We have a band of support at 1625-1643 and then 1580-1600.
We are still in the downtrend channel, below the 200 hour moving average and once again testing important moving averages – 200 day, 34 week, etc. The employment numbers come out in the morning. Good news has not been good for gold but it’s possible that it’s already cooked into the numbers as ADP warned us Thursday. We’ve touched that red line ½ dozen times since October and each time we get reversed. The trend remains down and we can’t rule out a touch of the mid line support or even that bottom red support line. If the purple line gives by more than five dollars, odds will favor lower.
If we don’t break the purple line near 1655 then the green 200 hour moving average is resistance.
What next?
We favored either a big move or a close within 7 dollars of 1674. We got a decent move and closed 9 dollars from 1674 (on the April contract).
The news was all bullish in personal income, claims and the like. Gold quickly reversed the GDP weak news and now we’re back at 1660.
We have the employment numbers after few hours with all the good news that’s been coming out on our booming economy what should we think the employment number will be? Well if the part time Christmas holiday help is included it might be good. Also, the unemployment rate is measured by how many people draw unemployment. If you think that through it means that if the economy didn’t lay off anyone for a year, the unemployment rate would be zero.
Points to consider
The wedge on the daily page. Until we break out is going to be choppy and there probably will be one fake over one of those lines. It could break out tomorrow or it could do this for another two weeks. That’s what a wedge is----uncertainty and where the demand/supply forces arrive at one price and time. Then the next move begins.
The cycles are mixed also as they too are flashing uncertainty. If the inversion is the outcome it will add to the bearish overtones in this market.
With NFP on Friday and with price inside the wedge in a trendless mode the only odds we have for Friday is we won’t leave the wedge.
BOTTOM LINE
We are arriving at an important juncture. We could be at the very bottom and a turn will develop. But we are also at the point where we can accelerate. We need to keep a close eye out. With the way this market is it could turn and rally right back to 1680. Until we’re out of the wedge, that’s what we have to deal with.
.jpg)
INVATA SA TRANZACTIONEZI GRATIS PIPSI IN FOREX
What next?
We favored either a big move or a close within 7 dollars of 1674. We got a decent move and closed 9 dollars from 1674 (on the April contract).
The news was all bullish in personal income, claims and the like. Gold quickly reversed the GDP weak news and now we’re back at 1660.
We have the employment numbers after few hours with all the good news that’s been coming out on our booming economy what should we think the employment number will be? Well if the part time Christmas holiday help is included it might be good. Also, the unemployment rate is measured by how many people draw unemployment. If you think that through it means that if the economy didn’t lay off anyone for a year, the unemployment rate would be zero.
Points to consider
The wedge on the daily page. Until we break out is going to be choppy and there probably will be one fake over one of those lines. It could break out tomorrow or it could do this for another two weeks. That’s what a wedge is----uncertainty and where the demand/supply forces arrive at one price and time. Then the next move begins.
The cycles are mixed also as they too are flashing uncertainty. If the inversion is the outcome it will add to the bearish overtones in this market.
With NFP on Friday and with price inside the wedge in a trendless mode the only odds we have for Friday is we won’t leave the wedge.
BOTTOM LINE
We are arriving at an important juncture. We could be at the very bottom and a turn will develop. But we are also at the point where we can accelerate. We need to keep a close eye out. With the way this market is it could turn and rally right back to 1680. Until we’re out of the wedge, that’s what we have to deal with.
.jpg)
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
