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=Bearish –need a close above 1435 to return neutral.
Short Term=bullish - next resistance 1422 –1426 and 1435-1445
Support and Resistance
(NOTE JUNE GOLD NUMBERS)
Initial Resistance 1420-1426 and 2nd tier 1434-1444
Initial Support 1398-1406 and 2nd tier 1360-1370
Medium Term=Bearish Need a close above 1650-1675 to neutralize.
Intermediate Term=Bearish –need a close above 1435 to return neutral.
Short Term=bullish - next resistance 1422 –1426 and 1435-1445
Support and Resistance
(NOTE JUNE GOLD NUMBERS)
Initial Resistance 1420-1426 and 2nd tier 1434-1444
Initial Support 1398-1406 and 2nd tier 1360-1370
Wednesday Bull/Bear Pivot Zone = 1406-1410 (Ideal 1406)
Weekly Bull/ Bear Pivot Zone = 1366-1378 (ideal 1378)
Monthly bull/bear pivot zone = 1445-1465 (ideal 1465)
KEY RESISTANCE POINT for the WEEK
This week's number is 1393-1401 and 1415-1425. We’ve reached 2nd resistance point of the week. A move above 1425 would target 1435-1442
Gold Short Term
Resistance is the purple channel line area 1420-1425. And if exceeded the yellow line at 1433-1437 and the fib blue horizontal line at 1434-1444. The choppy pattern stopped for now at with options over the rally should continue into next week.
Support is the 1388-1398 the yellow line and the green 200 hour moving average at 1388. Additional support is 1403-1409. It’s the last day of the month and it could be a wide range day. Friday’s have been hard on the metals so we’re not sure if the short covering will override buys and the control boys just ended a whole week of holding gold for options expiration. Watch 1422-1425 and if we get above that we could run to 1435-1444. If we drop the bulls should try and hold 1400. The short term trend remains up into next week.
What Next?
We’ve stuck with our cycle turn and favoring higher prices this week next week should get some follow thru. Be careful on Friday as they have sold it off a lot of times. Perhaps they let it go but perhaps not. It is month end closing and the bulls want above 1400 and the bears below.
Bottom Line
Gold should continue higher into next week.
We’ve stuck with our cycle turn and favoring higher prices this week next week should get some follow thru. Be careful on Friday as they have sold it off a lot of times. Perhaps they let it go but perhaps not. It is month end closing and the bulls want above 1400 and the bears below.
Bottom Line
Gold should continue higher into next week.
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
