Gold Weekly Update
Support for this week 1365-1385 2nd tier
1289-1309
Long Term – Bullish – The key resistance area’s to regain upside momentum and potential new highs are 1792 and 1804.
Medium Term bearish- resistance 1680-1705--support 1449-1465 Need close above 1680 to get back to bullish.
Intermediate Term- Bearish a weekly close above 1612 & bullish. Below1540 and bearish.
Resistance for this week 1465-1490 2nd tier 1507-1522Support for this week 1365-1385 2nd tier
1289-1309
The breakdown in silver on the 31st and on gold last Friday favors a washout. Based on the critical inventory and the break of the most important chart technical, the long term moving average and the channel lines. We suspect gold has been forced. Support is the long term red line at the 1360-1380 area. The break of the long term red average and the channel line and the 1525 area on Friday favors a long term test of that line.
Last week’s failure at 1590 and the subsequent major selloff blew the seasonal bottom that we were favoring to develop in late March, early April. With that said, there’s a lot of evidence that it was a setup.
The damage done to the market is huge and will take a long time to repair BUT ONLY IF THEY ARE REALLY NOT OUT OF PHYSICAL INVENTORY.
If they are out of inventory, only one of two things can happen. The first is the manipulation that was executed will not last and either a major DISCONNECT BETWEEN THE FUTURES AND PHYSICAL IS ABOUT TO DEVELOP or gold is going to reverse and rally 200-300 dollars an ounce between now and mid June.
The other scenario would be a default of the COMEX.
If the powers that be can come up with more inventories by forcing a sovereign to sell gold, it can buy them some time.
IF THE STOCK MARKET begins to plunge, and everything else the potential for a liquidity squeeze will increase in potential.
The metals are in meltdown and all trends are down. Watch the 1360-1380 area for support this week. If that fails the 1280-1300 area is next.
Be sure to read the monthly page, and follow us on the daily pages each night during this meltdown.
Last week’s failure at 1590 and the subsequent major selloff blew the seasonal bottom that we were favoring to develop in late March, early April. With that said, there’s a lot of evidence that it was a setup.
The damage done to the market is huge and will take a long time to repair BUT ONLY IF THEY ARE REALLY NOT OUT OF PHYSICAL INVENTORY.
If they are out of inventory, only one of two things can happen. The first is the manipulation that was executed will not last and either a major DISCONNECT BETWEEN THE FUTURES AND PHYSICAL IS ABOUT TO DEVELOP or gold is going to reverse and rally 200-300 dollars an ounce between now and mid June.
The other scenario would be a default of the COMEX.
If the powers that be can come up with more inventories by forcing a sovereign to sell gold, it can buy them some time.
IF THE STOCK MARKET begins to plunge, and everything else the potential for a liquidity squeeze will increase in potential.
The metals are in meltdown and all trends are down. Watch the 1360-1380 area for support this week. If that fails the 1280-1300 area is next.
Be sure to read the monthly page, and follow us on the daily pages each night during this meltdown.
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
