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/Neutral - 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 & close above 1711 for bullish.
Short Term= neutral--- Need a close above 1675 for bullish & close below 1647 for bearish. We closed at 1649
Medium Term=Bullish/Neutral - 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 & close above 1711 for bullish.
Short Term= neutral--- Need a close above 1675 for bullish & close below 1647 for bearish. We closed at 1649
Support and Resistance
(APRILGOLD – SUBTRACT TWO DOLLARS FOR APRIL GOLD)
Initial Resistance 1654-1661 and 2nd tier 1667-1672
Initial Support 1630-1643 and 2nd tier 1622-1626
What Next?
The trend is down and now it’s whether we’re going to support between 1619-1630. There’s also the 2013 lowest daily close at 1647. So far we’ve held above that. The thing that doesn’t play is the short term cycles. The window closes on Wednesday and it will take a cycle inversion to favor higher prices over the next two weeks. That only has a 30% potential, but it’s not impossible. It’s mid week Wednesday and it would be a perfect place to make the low of the week in the 1619-1630 area. There is a possibility of a move to 1661 resistance also.
Because we’re in a wedge and with the way price has been acting we have to be open to reversals back to the upside as we saw over the last two weeks when we were testing upside resistance. We discussed that the downside could be tested and that has developed this week.
If we get a probe to 1619-1630 on Wednesday, and more so 1630 it would be an excellent place for a reversal back up into the end of the week. With Tuesday’s test of the downtrend line of the wedge it’s possible to move up without one more day of downside as wedges are so unpredictable. At least there’s not much time left for the trend lines to cross and soon we’ll be out of this cursed pattern. After such a choppy pattern, it favors a good move once we’re out of it.
Bottom Line
we need to stay flexible just a little longer until we get out of the wedge and for a trend to develop.
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
