GOLD CHART (all prices April gold --- subtract 2 dollars for spot)
Most of golds gains came in one minute yesterday – from 8:30 to 8:31 on the GDP report and then the highs in the first few minutes of the FOMC report. Other than that, it was sideways trading range 1675-1685 and when that gave we dropped all the way back to 1662.
Support is the 1655-1657 purple line and 1661-1663 blue line. Resistance is the 1671-1676 area.
Gold is likely to stay under 1671 until we get the NFP report on Friday. The bottom line is if this good economic news, gold tends to sell off. If its weak news, it rallies, but since October, doesn’t hold the rallies. The situation continues to deteriorate for gold. If we made a new low next week under 1640 odds favor that gold is going to get whacked until mid February. The gold stocks are giving ample warning that all is now well.
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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.
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
