Gold Trend Dec 06/2013 |
| Posted: 06 Dec 2013 12:03 AM PST  Long Term ~ Neutral - need a monthly close above 1800 to confirm the bull market final phase underway Medium Term ~ Bearish - Need a close above 1341-1404 to neutralize. Intermediate Term ~ Bearish - resistance 1333-1343 Short Term ~ Neutral – support 1180-1205 and 1222. Short term cycles were due to bottom Dec 3rd (plus or minus 72 hours) and we have the lowest price of cycle ---1210 on Dec 4th. Price needs to hold now near 1222. We must close above 1222 to remain in neutral mode. Support and Resistance Initial Resistance 1232-1242 and 2nd tier 1254-1260 Initial Support 1199-1207 and 2nd tier 1180-1188 Yesterday's resistance was listed at 1239-1249 and the high was 1243. Support was listed at 1222-1230 and the low was 1216.30. CME GROUP NEWS The gold market made its low at 6 am Wednesday morning and then its peak at mid-day on Wednesday and from that pivot point, February gold prices entered into a well-defined pattern of declines. To the lows Thursday, February gold saw a high to low slide of roughly $35 an ounce with most of the weakness coming off what appeared to be decent initial claims figures. However, gold prices on Thursday continued to slide through a soft US Factory Orders release and swirling doubt that the US GDP report actually depicted positive growth. In short, gold eventually found support of a downside breakout in the Dollar, but one might suggest that gold over the last two trading sessions has returned to a market that is confused and can still go either way next week. In conclusion, the constantly shifting focus of gold this week suggests the bull camp is suspect and one could also suggest that volume and open interest really didn't rise much on the attempts to bounce over the last two trading sessions and that also suggests a lack of bullish resolve. On the other hand, many traders might not be interested in taking positions until the ultra-important US payroll report is out of the way Friday. Gold Short Term Gold is near 1222 and going into Friday it can still go either way. If anything gold still looks in more trouble as long as it's below those blue trend lines. Thursday's highs were right there but we could not get back above them. The two purple channel lines area at 1200 and 1180. At the moment, we still can't eliminate the potential to break down here on Friday.  Become an XM IB or Affiliate Partner today and start earning commissions from all the trading activity of the clients you referred to XM. The Advantages of Promoting XM: The Highest Conversion in the Industry Ability to transfer funds between IB account from/to client account No limits on how much you can earn No limits on how much you get paid every month Fastest and most reliable IB payouts Transparent reporting and detailed statistics Account Managers in more than 18 languages Leverage up to 1:888 for your Clients Low Minimum Deposit for your Clients Multiple Deposit Options for your Clients Monthly Timely Payments Tailor-Made Solutions No Fees to Start Multiple Platforms to Promote Flexible Commission Rates Unlimited Banners and Artwork Nonstop Promotions for your Clients The Partner Promotion for 2013 Offers
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