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=Bearish - It takes a weekly close above 1694 to turn the trend back to bullish. Resistance 1755-1765(Oct/Nov 2012 Resistance) Support 1450-1530
Intermediate Term=Bearish--it takes a close above 1625-1630 for bullish.
Short Term=Bearish--- Need a close above 1600 for Bullish
Medium Term=Bearish - It takes a weekly close above 1694 to turn the trend back to bullish. Resistance 1755-1765(Oct/Nov 2012 Resistance) Support 1450-1530
Intermediate Term=Bearish--it takes a close above 1625-1630 for bullish.
Short Term=Bearish--- Need a close above 1600 for Bullish
Support and Resistance
(NOTE JUNE GOLD NUMBERS– Subtract 1 dollar for spot
Initial Resistance 1563-1573-and 2nd tier 1577-1584
Initial Support 1532-1542 and 2nd tier 1516-1526
Gold Hourly Chart
The impulse down again on Wednesday favors the bears. There are three areas to watch-- the 1555-1560 area at the gold horizontal line, the 1540 area where the FIB 23% total pullback of the bull market resides and the lower channel line at 1520-1526 area. One of those three targets has a good chance of being a potential low for the day or very close to one of those lines. First resistance is the 1560-1565 and the 1571-1580 zones. One of those two areas might provide the high range for Thursday. In sum the trend remains down.
What Next?
Our worries were justified on Wednesday. A test of 1525-1540 is next support at the channel line on the weekly chart and the 23% Fib retracement is favored. The trend remains down.
Bottom Line
Our worries were justified on Wednesday. A test of 1525-1540 is next support at the channel line on the weekly chart and the 23% Fib retracement is favored. The trend remains down.
Bottom Line
Gold remains in medium term correction and we’ve entered the liquidation portion now as leveraged positions are being taken out and sold unless margin calls are met. Once we see it hit the news it should be the bottom. The chances of not breaking the 1520 lows are questionable for the simple fact that the analysts keep saying that as long we hold that area the bull market is still intact. So naturally the boys are going to go after that level. Silver’s 26 dollar low was a test of the 4th wave of a lesser degree on Elliot Wave. It stands to reason that gold would hit that target. If it does then the 1470 area (1450-1470) should be the target we reach. Let’s see if 1525-1540 holds on Thursday.
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
