Gold Trend 02/April/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. 1625-1630 for bullish.

Short Term=BULLISH --- Need a close above 1622-1625 to keep uptrend going. A close below 1580 goes to neutral and below 1555 bearish.

Support and Resistance
(NOTE JUNE GOLD NUMBERS– One dollar lower for spot and $2 dollars higher April )
Initial Resistance 1604-1614-and 2nd tier 1627-1625
Initial Support 1593-1603 and 2nd tier 1578-1585

The market is acting very strange in price.  It's almost as if there was a flash crash potential.
Right now the main trend line is at 1575-1580 and at 1595-1597.  Price is sititting right in the middle of the trend lines.   I've never seen anything quite like it.

The chart below the commentary shows the situation

Gold at 1583-1584

IT looks like SUPPORT LINES 1575-1583

THE next support line is near 1555 is we break this line.

I don't know if we make it to 1575 ---or if we move down to 1555

IT is possible that 1583-1585 holds where the original buy target was 1585. That has been reached.
The current place i have the buy is 1575. I don't know if it will be reached or if we now drop down to 1555.
I'm even worried they could spike it lower. The bottom line is that we've reached the 1585 target. IF you want to try it you can but i don't see a good stop until 1568 and they could spike it to 1555. So I can't make any guarantees. No one can.

THE LARGE BLUE CHANNEL LINE is at 1525.

Bottom line --- WE are at a SUPPORT LEVEL at 1583-1585. I can't say it stops here or we don't get a spike of some sort. IF I knew for sure, I'd buy it here. THE CURRENT BUY I HAVE IS 1575 JUNE GOLD with a stop at 1567. I don't know if it will reach there.

I ADVISE TO BE CAREFUL.

 

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