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Gold Chart
Gold has been in a 70 dollar trading range for two weeks of 1419-1487 and has built a sideways channel you can see on the chart below. The bears have been trying to break 1419-1422 since Friday but so far unable to hold it there. A break of 1415-1417 would test that trend line that’s moving up and at 1400. Today & Wednesday are pivotal days for the short term. If the new short term two week cycle is to be an up one, then this morning’s 1419 low should have been it. A failure to hold this area and begin a rally would open the potential for another round of lower prices and a probe of 1380-1400. Thu the time is up and gold & silver must begin short term up moves. Resistance in gold is 1450-1460 and support 1419-1423. The 1440 -1445 area on a closing basis is also getting ready to become resistance if gold doesn’t act soon. In summary, the 1419 low this morning is important and gold needs to begin to push higher from here. Failure to do so will not be a good short term signal. In summary, gold is trapped inside a trade range of 1420-1487 and needs to hold the lower end and forge a rally off today’s low at 1419.
In silver, the short term has two channels of price action. On the chart below you can see a purple up channel and a gold down channel. Last week’s action showed that silver was unable to get out of the grasp of the down trending channel and that remains in play this morning. Look at the intense price action at the upper line of the downtrend channel as the silver bulls are frantically trying to get silver out of the channel. It needs to do so now before the purple channel gets much further away. A failure to do so will result in silver going to test the 22 dollar support line on the chart. Here too it looks like a decisive time for short term silver. The green 200 hour moving average at 23.81is the 1st key. Silver has been under it and it has built resistance since Friday. Without a close above 23.81 the downtrend will stay in effect and the potential to visit 22 will remain open until we get that close. The bottom line for silver is the trend remains down. A close inside the purple channel in the 24.20-24.30 is minimum to begin looking at silver in a short term uptrend. A close above 23.80 is the 1st step we need to see. Until then, the short term trend is down. Tuesday and Wednesday are decisive days as far as short term cycles are concerned
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
