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=Neutral - It takes a weekly close above 1694 to turn the trend back to bullish. Resistance 1755-1765(Oct/Nov 2012 Resistance) Support 1500-1550.
Intermediate Term= Bearish--it takes a close above 1612 for neutral.
Short Term=Neutral --- Need a close above 1604 for Bullish and close below 1555 for Bearish
Support and Resistance
(APRILGOLD – SUBTRACT ONE DOLLAR FOR APRIL GOLD)
Initial Resistance 1587-1599-and 2nd tier 1604-1607
Initial Support 1564-1573 and 2nd tier 1555-1559
Gold Hourly Chart
What next?
Gold has tested 1567-1571 for FIVE days in a row and today’s PROBE just 60 cents below 1567 was a nice flush out before prices reversed. Odds favor 1585-1588 or 1598-1604.
BOTTOM LINE
Mid Week Wednesday looks to have put in a low. WE STILL HAVE NONFARM PAYROLL ON FRIDAY so keep that in mind. That might keep gold at resistance of 1585-1588 until the report and perhaps be in a trade range until near the report in the morning.
Medium Term=Neutral - It takes a weekly close above 1694 to turn the trend back to bullish. Resistance 1755-1765(Oct/Nov 2012 Resistance) Support 1500-1550.
Intermediate Term= Bearish--it takes a close above 1612 for neutral.
Short Term=Neutral --- Need a close above 1604 for Bullish and close below 1555 for Bearish
Support and Resistance
(APRILGOLD – SUBTRACT ONE DOLLAR FOR APRIL GOLD)
Initial Resistance 1587-1599-and 2nd tier 1604-1607
Initial Support 1564-1573 and 2nd tier 1555-1559
Gold Hourly Chart
That hanging tail below the dotted gold uptrend line and gold downtrend line was this morning flush out and where I got stopped out on my long by 60 cents. From now on the stops are going to have to be deeper than they have in the past. The Green 200 hour moving average is the key resistance to get above in the 1586-1588 area. If we can hurdle that then we’ll favor a test just below or above 1600 on Friday. Support will be the 1575-1578 area and 1567-1571. Resistance 1586-1588 and 1598-1603. Odds favor the low is in and a test of 1600 into early next week is favored.
What next?
Gold has tested 1567-1571 for FIVE days in a row and today’s PROBE just 60 cents below 1567 was a nice flush out before prices reversed. Odds favor 1585-1588 or 1598-1604.
BOTTOM LINE
Mid Week Wednesday looks to have put in a low. WE STILL HAVE NONFARM PAYROLL ON FRIDAY so keep that in mind. That might keep gold at resistance of 1585-1588 until the report and perhaps be in a trade range until near the report in the morning.
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GOLD CURRENT TRADE
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GOLD CURRENT TRADE
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Our Position
Bought 1Apr Gold on 28/02/2013
Bought 1Apr Gold on 28/02/2013
Entry: 1577
Stop Loss: 1552
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
