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Gold support and resistance price points for the short term

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Bill Downey
Gold Trends
Published : April 10th, 2015
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Category : Market Analysis

INTRA-DAY NEWSLETTER ~ April 10 2015


Gold Chart
Our forecast for a rally out of the last FOMC meeting was spot on target in price and time.  The 2nd portion of our forecast has been for a seasonal bounce in April/May.  So far the trend is still up from the FOMC low, but gold must close above 1222-1232 for the seasonal bounce to continue towards our next target of 1245-1275 to be reached.   On the downside, a close below 1188 today would put the short term back in downtrend until the end of next week.   It takes a close below 1158-1163 to cancel the seasonal uptrend currently in play with gold.   

Friday favors 1205-1215 as the odds favored high point.   Support is the 1192-1201 area.   In summary, the upswing from the last FOMC meeting is still in play.   Until we close above 1222-1232, a pullback towards 1172-1182 can’t be eliminated.  As long as we are in the channel below, the short term uptrend is still intact.   

 

Cycles
While we still don’t have a definitive answer to the coming April 18th cycle turn,  we are very close to taking out that resistance line on the chart.   It will then take a close above 1225 and then 1230 in order to confirm we have a blue cycle low rotation going on, but if we do close above that resistance line, it also will add to the upside potential that would favor the seasonal bounce we’ve been looking for and would suggest that price would move up to retest the upper resistance channel line on this chart.   We’ll give the edge to the upside on a close above that resistance line where price is testing.


Silver
The uncertainty in short term metal also shows up on silver as unlike gold, the silver short term trend is bearish. 
Resistance is 1675-1705 and support 1609-1625  for today.

 We suspect the global slowdown is affecting silver more than gold at the moment.   Any close under 1580-1596 would be a bearish development for silver.





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Bill Downey is the editor of www.GoldTrends.net where he monitors the price patterns on an hourly, daily, weekly and monthly basis. He offers commentary on what it all means along with support and resistance levels along the way in advance of each day's trade. If you would like to join for 30 days he offers a free trial. Visit his website home page for details.
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