FOMC Wed afternoon NY -- be careful
If we get a plunge to 1575-1585 will buy
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=Neutral --it takes a close below 1550 for bearish.
Short Term=BULLISH --- Need a close below 1575 for neutral. 1619-1635 potential upsides.
Support and Resistance
(APRILGOLD – Use one dollar higher for spot)
Initial Resistance 1614-1627-and 2nd tier 1635-1638
Initial Support 1589-1599 and 2nd tier 1575-1582 3rd tier 1558-1564
Gold Hourly Chart
Gold hourly chart resistance is the 1620-1635 area. For Wednesday 1619-1627 is the first spot and then 1635. On the downside there’s support at 1599-1602 and then 1582-1591. The weekly support pivot is at 1575-1578. If we got a probe there on a Bernanke message, it could end up being a nice buy point.
What next?
We really covered it all last night. Now it’s up to price to deal with the Cyprus bank situation and Bernanke. Odds are that he says exactly what he needs to say and as far as the banks I don’t see how they get away with it. It will have to be reversed or there will be consequences...
THE COT reports continue to show that the FUNDS are short and the PRODUCERS are LONG and at their most bullish condition in quite a while. It’s not a timing element but if the funds do have to cover it could spark a good rally in gold. We closed right at 1612 so any push higher favors odds favor 1619-1635 as the next target. A lot will depend on Bernanke and the Cyprus bank situation.
WHAT WE DON’T LIKE is how DANGEROUS silver looks. It’s got to turn here or it could get in trouble below 28 and more so 27.30.
BOTTOM LINE
Now it’s up to price to hold. If Bernanke barks and gold sells off and reverses then the uptrend should continue to next week.
GOLD CURRENT TRADE
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=Neutral --it takes a close below 1550 for bearish.
Short Term=BULLISH --- Need a close below 1575 for neutral. 1619-1635 potential upsides.
Support and Resistance
(APRILGOLD – Use one dollar higher for spot)
Initial Resistance 1614-1627-and 2nd tier 1635-1638
Initial Support 1589-1599 and 2nd tier 1575-1582 3rd tier 1558-1564
Gold Hourly Chart
Gold hourly chart resistance is the 1620-1635 area. For Wednesday 1619-1627 is the first spot and then 1635. On the downside there’s support at 1599-1602 and then 1582-1591. The weekly support pivot is at 1575-1578. If we got a probe there on a Bernanke message, it could end up being a nice buy point.
What next?
We really covered it all last night. Now it’s up to price to deal with the Cyprus bank situation and Bernanke. Odds are that he says exactly what he needs to say and as far as the banks I don’t see how they get away with it. It will have to be reversed or there will be consequences...
THE COT reports continue to show that the FUNDS are short and the PRODUCERS are LONG and at their most bullish condition in quite a while. It’s not a timing element but if the funds do have to cover it could spark a good rally in gold. We closed right at 1612 so any push higher favors odds favor 1619-1635 as the next target. A lot will depend on Bernanke and the Cyprus bank situation.
WHAT WE DON’T LIKE is how DANGEROUS silver looks. It’s got to turn here or it could get in trouble below 28 and more so 27.30.
BOTTOM LINE
Now it’s up to price to hold. If Bernanke barks and gold sells off and reverses then the uptrend should continue to next week.
GOLD CURRENT TRADE
Our Positions
We are neutral
Sold 1 April Mini gold at 1614 on 3/19
We are neutral
Sold 1 April Mini gold at 1614 on 3/19
Bgt 1 April Mini gold at 1601 on 3/19
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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
