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 1442-1452 and 2nd tier 1465-1475
Initial Support 1419-1425 and 2nd tier 1402-1412
Gold Hourly Chart
Gold held the purple channel line on Wednesday but Thursday morning has exceeded it. That Gold channel line is not resistance in the 1448-1455 area. The purple line is now a pivot point but is also a 1st SUPPORT area. Any pullbacks to 1420-1425 should offer support on Thursday. The green 200 hour moving average is also support at the 1402 area. It takes a close below 1403 to favor the uptrend that began last week is over and a pullback to test support is underway. Until then the uptrend is still intact. Look for 1448-1455 or 1470-1480 to provide resistance and the best chance for a pullback to begin.
What Next?
Last night we discussed that if price exceeded 1433-1435 would favor 1447-1455. Wednesday’s high was 1433.80 but Thursday exceeded 1435 in the early Asian trade and price has reached the 1447.50 area. It’s going to take a close below 1403 to turn the advantage back over to the bears. If we exceed 1447-1455 the upside will open up 1470-1480 as the next resistance. 1st Support on Thursday is the 1421-1425 area followed by the 1407-1415 area. The next short term cycle is due to begin and set the pace for the next two weeks and should be in play by next week and last until the 10th of May.
The move up that began last week is still in play and it takes a close below 1403 in order to suggest the short term up move has concluded. Thursday favors higher.
Bottom Line
a high this week would put the odds to another pullback into May 10th. But these are odds and not absolutes and when huge moves like we saw occur, technical and cycle readings must be taken with a grain of salt. Even if we were to get a pullback after this bounce into early May odds favor that the 1260-1320 area is a very powerful support point on the long term chart and that a pullback would still find support in this zone.
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
