Gold Feb 13 Daily/Bull Bear zone 1648-1652 (ideal 1648)
Resist 1655-1661 Support 1640-1641 & 1626-1631
Overall gold trend still down at the moment.
Markets choppy from state of union address last night.
Trend line supp 1629-1631
Gold continued to sell off yesterday before eventually finding support at 1639. The market then formed a "bullish falling wedge" on the 1 hour chart Gold subsequently rallied in the afternoon session, reaching 1653 before finding resistance. The market again found resistance at that level overnight to potentially form a "double top" and is currently trading around 1647.Overall gold trend still down at the moment.
Markets choppy from state of union address last night.
Trend line supp 1629-1631
The failure of the triangle pattern is a very bearish sign and we expect further downside after a short relief rally. We would be surprised if we do not test the spike low at 1625 - if this level gives way, then much lower prices become likely.
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.
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
