Gold Trend 24/April/2013

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 into neutral.
Medium Term=Bearish Need a close above 1680 to neutralize.
Intermediate Term=Bearish –need a close above 1480 to neutralize downtrend.
Short Term=Neutral – New resistance 1445-1456 -- weekly support 1340-1352
Support and Resistance
(NOTE JUNE GOLD NUMBERS– Spot about 1 dollar above June gold)
Initial Resistance 1427-1437 and 2nd tier 1445-1456
Initial Support 1402-1413 and 2nd tier 1376-1386

Gold Hourly Chart

as we enter Wednesday price remains in the 1400-1430 area from which we began the week. The Tuesday low of 1404 was where we started the week and the Wednesday morning high in London has returned to the purple channel line on the chart.

This purple line is the 1st level resistance for this week and is now in the 1430-1435 area. IF we break above this price point then the 1447-1455 zone will become the new price target for this week’s high. Thus the purple line is the key point to watch on Wednesday as the key resistance point. If we overcome it then price should move to the next resistance. If not, then we still have a chance to pullback under 1400 and target the lower purple line at 1380. If we can get that move it will help set up the cycle that is due as a low.

What Next?

Price is in neutral territory as we arrive at Wednesday in the 1400-1430 range. We traded back to 1404 on Tuesday and Wednesday had us reach 1430 in the London session. A break above 1433-1435 will favor 1447-1455 and a close below 1401-1404 will favor lower towards 1380. Thus we enter mid-week in a neutral 30 dollar trading range. Key short term cycles are due to set the next two weeks up in trade. If we can get a pullback low this week, it will favor higher into May. Let’s see which side Wednesday takes us or whether we stay in this neutral range.

Bottom Line
The 1260-1320 area should provide the low here on the charts from which a rally develops. Let’s see if the cycle can line up in our favor.

 

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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