Long Term=Bullish/Neutral – the 1476 close last Friday was below the long term average (1480). A monthly close below 1480 would put long term out of bull mode and fully neutral.
Medium Term=Bearish
Intermediate Term=Bearish
Short Term=bearish
Support and Resistance
(NOTE JUNE GOLD NUMBERS– Spot and June gold about the same price)
Initial Resistance 1365-1400 and 2nd tier 1450-1480
Initial Support 1280-1325 and 2nd tier 1189-1220
Tuesday Daily Bull/Bear Pivot Zone = 1370-1390 (Ideal 1384)
Weekly Bull/ Bear Pivot Zone = 1500-1515(ideal 1515)
Monthly bull/bear pivot zone = 1590-1600 (ideal 1590)
Medium Term=Bearish
Intermediate Term=Bearish
Short Term=bearish
Support and Resistance
(NOTE JUNE GOLD NUMBERS– Spot and June gold about the same price)
Initial Resistance 1365-1400 and 2nd tier 1450-1480
Initial Support 1280-1325 and 2nd tier 1189-1220
Tuesday Daily Bull/Bear Pivot Zone = 1370-1390 (Ideal 1384)
Weekly Bull/ Bear Pivot Zone = 1500-1515(ideal 1515)
Monthly bull/bear pivot zone = 1590-1600 (ideal 1590)
Gold Hourly Chart
The hourly chart doesn’t offer much as the velocity and ranges are very high. Resistance is 1365-1399 and 1420-1465. Support is 1320-1330 and then 1288-1302
The low in Asia was 1321 and in USA 1322. London might be trying to test that area.
A 100 dollar bounce is in the cards at some point. As far as when it ends, we’re not sure.
ODDS FAVOR A LOW TUESDAY/WEDNESDAY that should provide a bounce into THURSDAY, but everything is at dangerous levels and we can’t hang our hat on anything at the moment.
1289-1302 and 1320-1327 is the potential points for a low today.
What Next?
All trends remain down. A PRICE LOW at 1280-1320 or 1180-1205 is favored for Tuesday.
WE FAVOR A LOW with a bounce into Thursday but all short term forecasts are not reliable until the meltdown stops.
MELTDOWN LOW POTENTIAL with at least a big bounce are the numbers above and are 1180-1205 and 1280-1320
Bottom Line
A meltdown is under way. STOCKS May have joined the liquidity crisis potential. Watch Crude oil also.
In stocks it’s only been one day so we’ll need to see more than that. However the 250 plus decline now puts stocks on watch.
The situation remains very dangerous. IF STOCKS ACCELERATE LOWER IT ADDS TO A LIQUIDITY SQUEEZE potential.
A 100 dollar bounce in gold or more should take place at the 1180-1205 or the 1280-1320 price zone. USA and ASIA reached 1320. London starts in 3 hours.
ODDS are high that a critical physical inventory level sparked a major manipulative Event. COINCIDENTAL EVIDENCE shows that also as PHYSICAL dealer contract told me that only a PARTIAL delivery on order was given on today's buy.
THE LAST TIME THIS HAPPENED was on Dec 29, 2011 and the results were a huge 250 dollar rally in Jan/Feb 2012.
YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
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
