LONG TERM TREND: BEARISH
INTERMEDIATE TERM TREND: BEARISH
SHORT TERM TREND: BEARISH
VERY SHORT TERM TREND: NEUTRAL
Gold has consolidated in a triangle pattern following last week's sharp losses and is coiling for the next big move. We suspect that the downside is not over yet, by any stretch, however we don't expect the sell off to be as severe as in April 2013.
The triangle pattern is getting close to a resolution, with a breakout expected this week. Equities remain well supported and near all time highs, oil remains weak and the dollar is strong near multi-year highs.
Support can be found at 1154, 1145, 1131, 1124, 1100, 1085, 1045 and 1000 . The break of 1180 has serious bearish implications for gold and suggests a decline to 1000-1050 in the short term.
Resistance can be found at 1164, 1168-1170, 1178-1180, 1202, 1217, 1225, 1235, 1250, 1255, 1263, 1271-1273, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335 and 1345. A second failure to break through the key 65 week MA confirms that the intermediate down trend is intact and the break of 1180 suggests the bears are in full control.
Today's video for subscribers looks at the recent trading in more detail and our strategy for our current short position.
INTERMEDIATE TERM TREND: BEARISH
SHORT TERM TREND: BEARISH
VERY SHORT TERM TREND: NEUTRAL
Gold has consolidated in a triangle pattern following last week's sharp losses and is coiling for the next big move. We suspect that the downside is not over yet, by any stretch, however we don't expect the sell off to be as severe as in April 2013.
The triangle pattern is getting close to a resolution, with a breakout expected this week. Equities remain well supported and near all time highs, oil remains weak and the dollar is strong near multi-year highs.
Support can be found at 1154, 1145, 1131, 1124, 1100, 1085, 1045 and 1000 . The break of 1180 has serious bearish implications for gold and suggests a decline to 1000-1050 in the short term.
Resistance can be found at 1164, 1168-1170, 1178-1180, 1202, 1217, 1225, 1235, 1250, 1255, 1263, 1271-1273, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335 and 1345. A second failure to break through the key 65 week MA confirms that the intermediate down trend is intact and the break of 1180 suggests the bears are in full control.
Today's video for subscribers looks at the recent trading in more detail and our strategy for our current short position.