Gold short term cycles and support and resistance area's

Gold Cycles Short term

The short term cycle window is closed but the weakness in gold is still suspect. The failure to close above 1094 still has gold on the ropes. The next short term cycle is due November 25th, plus or minus 72 hours.

We have retested the 1072 bear market low and a short term bounce back towards 1105-1125 should be in order. Odds favor a bounce back to develop from here but we must first close above 1088 and then 1094 in order to get more confirmation that the cycle turn is in play. The potential for lower prices in December towards 1030-1050 will be in play on any close below 1072.

Gold Short term

Gold remains weak and needs a close above 1094-1095 to relieve short term pressure. It is trying to hold the 1072-1080 area. The media makes it look like gold is supposed to rally during times of war. But in essence, it only does so during a bull market. The failure to rally during the Paris attacks continues to make more and more gold bugs weary of gold. Overall, the capitulation of the gold bugs is what is needed for gold to make its final low of this bear market we have been experiencing since 2011.

Intermediate Term Gold

On an intermediate term basis, gold needs to get back above some of these resistance lines. The first thing we need to see is a close above that line near 1095. More important is that gold is at the last support level until around 1040. Any close below 1072 would warn of a test somewhere near 1040.