GOLD CHART
The key today is the 1598-1599 area where this week’s highs are. Trend line resistance is 1605-1613 so any pop into 1600 should lead to that first level and next week we have 1619-1622 and up to 1640. A new two week cycle begins next week and above 1600 should lead toward 1640. Support on downside monthly 1560 area --- weekly 1575 where we hit trend line yesterday. For today the 1585 – 1589 area is first support for New York. As long as we remain above 1575 the uptrend has a slight advantage. Next week is a direction week so a move below 1575 sets the tone on a downward bias and below 1560 would target a test of 1520 near the end of March where the 22nd to 29th are key dates for the metals. On the upside like we said---if we move above 1600 and close above it today then the odds shift to an upswing next week 1613-1619 & up to 1640 potentially.
In summary, the next two week trend should take force next week. Buying around the 1575-1580 area with a stop might be a decent trade. Buying a close above 1600 also but stop would have to be much deeper. A close below 1555-1560 would warrant the other end of the trade.
SILVER
Key resistance for silver is 29.07-29.20 and then 29.50-29.65 – a close above those levels needed for upside rally next week. Support 28.30-28.46 and MONTHLY at 27.30 Silver will most likely follow golds decision.
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
