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=Neutral close below 1352 bearishundefinedclose below 1372 bears could take control. Got to hold 1353-1357.
Support and Resistance
(NOTE JUNE GOLD NUMBERS)
Initial Resistance 1401.50-1408.50 and 2nd tier 1418-1424
Initial Support 1377-1386 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=Neutral close below 1352 bearishundefinedclose below 1372 bears could take control. Got to hold 1353-1357.
Support and Resistance
(NOTE JUNE GOLD NUMBERS)
Initial Resistance 1401.50-1408.50 and 2nd tier 1418-1424
Initial Support 1377-1386 and 2nd tier 1360-1370
Gold Short Term
What Next?
We’ve got to get above 1401-1405 on the hourly chart where key 1st resistance for this week resides. Support is 1381-1388 and if that lets go then 1372-1377 is last minor support before 1352-1355. A close below 1377 will not give good short term vibes.
Bottom Line
Friday’s drop was a disappointment, especially being the last day of the month. IF we move below the Monday low things start looking questionable for gold on the short term. The key is for the short term cycle to not top right away when the window opens on the 4th.
Resistance is the yellow channel line at 1401.50-1405.50 area and 1419-1429. Those are the two area’s to watch as 1st key resistance points on hourly chart trend lines. The control boyz took gold under green 200 hour moving average on intraday but close at 1388 was right on the line. That is 1st support on Monday (1383-1388). A failure there would open door to 1372 and even more dangerous all the way to the 1360 trend line. That would most likely suggest that the short term cycle could already be in play and that would suggest GOLD weakness more pronounced than expected.
The failure of that yellow trend line on FRIDAY makes that 1st KEY RESISTANCE on MONDAY and 1401.50-1405.50 IS A CRITICAL area to get above if this rally is to continue. A failure there on Monday won’t be a good way to start the week. Friday’s takedown to end the month hurt the SUPPORT as you can see below. Now we have to rely on the Green 200 hour moving average and it’s not as powerful as trend lines. BOTTOM LINE is we need to get back above 1401.50-1405.50 at that Yellow line. As long as we’re below that area gold becomes vulnerable to downside potential. So we want a close above there. The purple channel line at 1420 area nod that Yellow line at 1430 makes up the strongest resistance of the week but don’t overlook 1401-1405 either. A close below 1372-1377 and 1355-1360 becomes the target. The deep pullback has also re-introduced the OVERLAPPING price pattern and favors a short term peak in gold this week. In summary, short term trend
What Next?
We’ve got to get above 1401-1405 on the hourly chart where key 1st resistance for this week resides. Support is 1381-1388 and if that lets go then 1372-1377 is last minor support before 1352-1355. A close below 1377 will not give good short term vibes.
Bottom Line
Friday’s drop was a disappointment, especially being the last day of the month. IF we move below the Monday low things start looking questionable for gold on the short term. The key is for the short term cycle to not top right away when the window opens on the 4th.
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
