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GOLD CHART
We’ve been discussing for a week on the website the concern about the choppy and overlap price pattern and how that is usually the sign that the move is a counter trend move and usually resolves on the downside.
The next 2 week cycle in gold & silver begins this week between now & Wednesday and last about 2 weeks. Gold is on the edge of downturn.
The break of the mini blue downtrend line at 1667 and the Red Downtrend line at 1660 was enough to break the back of the bulls. Just how much the control boyz are involved is always a conjecture but it sure will be discussed that the break came on the first day the Chinese markets are closed. Never the less, our short term cycles had Feb 10th (plus or minus 72 hours) as when the next short term cycle begins. We discussed last night on the website that the cycle had a 70% chance of a downturn and a 30% chance of upside. As it stands now the “window” for this cycle turn closes on Wednesday. Its still possible that we are making the low of this ending cycle instead of the beginning of it. We’ll have to see after Wednesday the action that gold provides. Until then, we’ll favor it to be a down cycle. SUPPORT is that lower gold line near 1636 (give or take 5 dollars) and the other support is the Jan 4th low at 1626 (give or take 5 dollars). Resistance for the remainder of the day is 1658-1662. A close below 1647 would be a new 2013 closing low so that will add to the bearish case. For now the trend remains down as it has been since October. Until we get a weekly close above that upper RED downtrend line and the 1685 area the trend remains favoring the downside.
The key this week will be whether we find support at the 1636 area (plus or minus 5 bucks).
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
