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Long Term-Neutral – Need a monthly close above 1490-1526 in May to regain Bullish status.
Medium Term=Bearish Need a close above 1650-1675 to neutralize.
Intermediate Term=Neutral –need a close below 1403 to return to downtrend.
Short Term=NEUTRAL– resistance 1487-1494-- -- weekly support 1415-1425. Price in a 70 dollar trading range for 3 weeks. A close below 1414 goes bearish and a close above 1490 goes bullish.
Support and Resistance
(NOTE JUNE GOLD NUMBERS)
Initial Resistance 1435-1444 and 2nd tier 1451-1455
Initial Support 1415-1420 and 2nd tier 1398-1407
Medium Term=Bearish Need a close above 1650-1675 to neutralize.
Intermediate Term=Neutral –need a close below 1403 to return to downtrend.
Short Term=NEUTRAL– resistance 1487-1494-- -- weekly support 1415-1425. Price in a 70 dollar trading range for 3 weeks. A close below 1414 goes bearish and a close above 1490 goes bullish.
Support and Resistance
(NOTE JUNE GOLD NUMBERS)
Initial Resistance 1435-1444 and 2nd tier 1451-1455
Initial Support 1415-1420 and 2nd tier 1398-1407
Gold Hourly Chart
The 1420 area has held now since Friday but it won't take much more of this. as you can see price is about to break down towards 1398-1407. Odds are becoming less and less that we hold this area. We have the line down now at 1415-1417. The purple line at 1400 is the last trend line on the chart that has an upward slope so it puts the short term out of an uptrend also if it gives way. Hourly resistance is now the 1440-1453 area and daily at 1460-1466. In summary, gold is on the short term ropes and any break here puts the short term trend down to the next support near 1400 at that purple line. We should have resolve either way on Wednesday.
Usually this type of pattern doesn't hold. 1414.50-1417 final support before 1398-1407 on hourly chart.
What Next?
With mid week Wednesday here, odds favor it makes new low for the week. But that low might just be a shade lower. 1415 - 1417 is most likely candidate. If that gives way, then 1398-1407 will be first target with potential of 1380. Mid week Wednesday and MID MONTH perhaps overruling short term cycle and the 15th-16th is exactly MID MONTH. If we drop today to new low and can reverse back up, we still have a chance that a low could form at mid month and still favor a bump up. All in all though, gold and silver remain weak and all trends are down except the short term and even that is on the ropes.
Look for new low and we'll see if its just a small one that can turn higher. A close below 1422 would add to bearish potential. As long as we're below 1440-1450 close the pressure remains on short term.
WATCH 1414.50-1417 if we can't hold there then 1398-1408.
Bottom Line
Lots of reports in the morning in US could be decisive moment.
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
