Gold Trend Feb 03/2014 |
| Posted: 02 Feb 2014 11:55 PM PST  Follow The XM Bull Long Term ~ Neutral - need a monthly close above 1800 to confirm the bull market final phase underway Medium Term ~ Bearish - Need a close above 1301-1340 to neutralize Intermediate Term ~ Bullish/NEUTRAL – 1272 DID NOT GET TAKEN OUT ON THE CLOSE yet and thus intermediate term did not go full bullish. Trend decision due by Monday or sooner. Short Term ~ BULLISH – we need a close above 1272 to keep uptrend going. We must hold 1222 on a closing basis otherwise we fall out of the channel on the hourly Initial Resistance 1253-1263 2nd tier 1272-1282 Initial Support 1222-1235 and 2nd tier 1208-1214 Gold Short Term The PRICE PATTERN IS OVERLAPPING and while not too choppy, it still has some characteristics of counter trend. We could test the lower channel and lower mini blue line on Monday. That will need to be support. I will allow up to 1222 because of weekly reversal price point of importance. Support is 1222-1232 at the blue mini channel line and maybe 1237. We believe we are on the verge of a MOVE THAT IS ABOUT TO DEVELOP at some point on Monday or Tuesday morning. At this point either way can still go. We either support here at 1240 area and mini blue line or that one level lower. A close below 1222 favors the downside. A close above 1255 IS FIRST SPOT we need to overcome for a chance at the upside. That lower trend channel and lower mini blue line is the last solid line. We should see support there on Monday or 1222.  Monday is the last day of the window for the last cycle and a new one begins. Its possible its already underway lower but if we can bottom here then the upside can still be in play. It will be important for the emerging markets to bounce this week also as we are at 2010 and 2012 support points on some of the charts. Perhaps they bounce this week. Bottom Line The next two weeks should be decided by Monday's close and Tuesday's action. A close below 1222 turns the odds to lower and a close above 1255 is 1st closing reversal we need to see for the upside getting the choice. $20 FREE TO PARTICIPATE IN THE XM CONTEST ARENA Open Real Account Go to the XM Contest Arena Register a Nickname and get $20 Free -> http://tinyurl.com/q72y3uf All Profits Withdrawable Free $20 Credit Added Automatically Non Stop Contests to Join Open a Real Account (you can use your existing account if you already have one) Login to the XM Members Area Register your unique Nickname and password Enter the Contest Arena $500,000 IN CASH PRIZES WAIT FOR YOU -> http://tinyurl.com/q72y3uf Keep Calm & Follow The Bull    The Gold Price & Trend Predictions blog made for gold traders to find good news and to provide the traders with daily price predictions and to learn how to trade the Forex Market for free.Just pure learning! It will be of great fun.You can judge by yourself the quality of information that I will be giving you in my blog. 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Even though most of the time you may claim your money back,the time wasted is never returned. You should have used that time to learn how to trade! Read it!    YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS 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. King Regards |
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