Gold April 4
Daily bull/bear pivot1563-1567(ideal 1563)
Support 1533-1542 &1518-1526 Resistance 1561-1571
1541-1542 =23% Fib Total Retrace
The 23% Fibonacci retracement of the entire bull run is at 1541-1542
and is a number that is important to watch as we just reached it.
GOLD has fallen heavily for a second session as it flirts with bear market territory whilst silver plunged to an eight month low. We maintain our neutral stance on gold despite the heavy falls. It trade a $1,550 to $1,576 range overnight. We wrote yesterday until a breach of $1,550 where we will turn aggressively bearish. We wrote yesterday, 'the chances of a heavy fall in gold is now once again extremely high as the price approaches critical support at $1,530.' Slowing U.S. growth has spooked investors and has negatively impacted almost all asset classes overnight with big falls seen across energy and equities. Gold's traditional status as a safe haven is once again in question as the price action suggests that investors no longer automatically seek its shelter in response to bad news. We are very close to changing our medium term outlook for gold to bearish in a move which would throw out all our forecasts for a new record high in gold this year.
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
