Gold Daily Report ~ Sept 2, 2014 Trend Long Term ~ Bearish-Need a monthly close above 1800 to confirm the bull market final phase underway. Medium Term ~ Neutral–The failure on gold’s part to close above the moving averages on a monthly basis (March, April, May, July) means that if gold closes below 1287-1297 this Friday (weekly/monthly close) then gold still has the potential to get hammered to the downside and the medium term trend will go from Neutral to bearish. Intermediate Term ~ Bearish– need a close back above 1306 for neutral Short Term ~ Bearish- gold cycles due to turn. A close above 1303 bullish Initial Resistance 1292-1298 2nd tier 1303-1307 Initial Support 1272-1281 2nd tier 1255-1265 Hourly Gold Chart Gold did turn during the Aug 25th window but the pattern is choppy and overlapping that is usually a bearish situation where gold can break down at any time. It not reliable. That doesn’t mean it ABSOLUTELY will break down---but the odds are high. As for the short term, the blue mini 89 hour moving average, the green 200 hour moving average and price are all at the same price near 1287. If the blue mini average (at 1287) CROSSES below the green average (1285) it puts the uptrend in danger and if we close the day with the blue under the green and price is below both---the short term trend turns bearish. If we fail at 1275-1282 then the 1265 area will get tested and there’s nothing to say it will hold. In summary, we got the cycle turn but it is weak and the pattern is not a good one. We need a close above 1320-1306 for any hope of a high at the next short term cycle.
Posted on: Tue, 02 Sep 2014 07:13:40 +0000
Trending Topics
Recently Viewed Topics
© 2015