Gold Trend 22/March/2013

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 above 1599 for Bullish and close below 1575 for neutral.   A close above 1610 would favor 1619-1627

Support and Resistance
(APRILGOLD – Use one dollar higher for spot)
Initial Resistance 1614-1622-and 2nd tier 1627-1625Initial Support 1595-1605 and 2nd tier 1575-1582 3rd tier 1558-1564.  

Gold Hourly Chart

Gold fought a vicious battle yesterday in Asia and London as an almost 16 hour period fight for gold at the 1606-1609 area took place and it wasn’t till late in the session that gold broke above 1610.  Then it spent the majority of the day in New York fighting to get above that red trend line but with the exception of a few probes in couldn’t get above 1614 and hold it.  As we hit Friday that that will be first resistance along with the purple line in the 1625-1627 area and then the 1635 area. Finally the last high was 1620 a few weeks back.  Thus 1620-1625 should be the strongest place of resistance should we get above that red line at 1614. 

Support is the 1608-1611 area and then 1592-1596.  Weekly support is 1575 area.

What next?

Friday used to be very friendly but nothing has been friendly lately when it comes to metals.  The beginning of the key price time of 3/22 to 3/29 is in play through next week.  With the current situations in Cyprus, the COT position on the shorts and everything that’s going on, next week could be interesting.  A high with a pullback into early April is due but with a cycle inversion in play, perhaps there will be a few surprises.   If gold can get above that RED trend line near 1614-1615 and close above it on an hourly basis Friday then odds favor we go to the 1619-1622 and potentially peak there.  The other target will be the 1635 area for this rally as the other possible place for a target.  In summary, odds favor a battle for resistance points for the metals.  Silver needs to join the crowd and get a decent up day under its belt as the situation there is in need of a respirator.  (If silver doesn’t move soon we’re going to need the respirators). A potential pullback to 1600 or near there is possible on Friday but gold will be defending the 1606-1608 area they fought so hard for on Thursday.  The edge goes to the bulls.

BOTTOM LINE
The uptrend is still in play on the short term and not due to peak until next week.  Now it’s up to gold to finish up this cycle that ends next week in grand style with a nice push up.

===================================================

GOLD CURRENT TRADE

=================================================== 

Our Position 

Bought 1Apr Gold on 20/03/2013

Entry: 1605

Stop Loss: 1585

Target to sell --- Sell 1 April Mini gold at 1633

Resistance 1619-1622 and then 1630-1635

===================================================

===================================================

SILVER CURRENT TRADE

=================================================== 

Our Position 

Bought 1May Silver on 21/03/2013

Entry: 29.15

Stop Loss: 28.30

Target

Sell 1 May Silver 30.30
===================================================

Keep watching 

This website 

over the weekend for the latest developments about Cyprus crisis.

 

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. 

 King Regards