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Gold trades in between support and resistance on Monday

IMG Auteur
Bill Downey
Gold Trends
Published : December 08th, 2014
380 words - Reading time : 0 - 1 minutes
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Category : Market Analysis


INTRA-DAY NEWSLETTER ~ Dec 8 2014



Gold Chart
The downtrend remains in play in gold on all but the short term where we are neutral. Support is around 1167-1172 (middle black trend line) and 1178-1182 Red trend line. Thus resistance is the 1196-1204 area as listed in last night’s website daily gold page and 1217-1222 is 1st weekly resistance at the upper blue channel line and at 1235-1238 (upper channel line). Gold is trying to get back above the green 200 hour moving average and so there is some pressure at 1195-1198 also. Gold is most likely to make its next two week decision as to direction by the close of trade on Tuesday or Wednesday morning. A pullback that holds the 1172-1182 area would favor the upside. A close below 1167 would be troublesome for the short term. The one thing we don’t like about the pattern is the choppy and overlapping wave structure. That is usually a counter trend pattern suggesting that for the moment the trend is still down. A close above 1212-1217 would favor higher towards 1235-1240.

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CYCLES
The next short term cycle low is due Dec 6th (plus or minus 72 hours). It is most probable that gold bottomed early as the control boyz flushed out the market but those are the odds, they are not absolutes.

A pullback into the 1172-1182 or 1188-1192 area between Dec 3rd and 9th would favor a low and a resumption of the uptrend. We need to close above the upper red line and the upper black line will become the next target. A close above 1212 should do it. One thing to be careful of is making a new high this week between Monday/Tuesday. That would keep the potential for a blue cycle high.

24hGold - Gold trades in betwe...


Silver
A longer term view of silver shows two channels and we are at the top of the smaller red channel line. A close above 1650 would favor a move to 1680-1710 and a close above 1725 would favor a move towards 1850. Support is 1575-1606 and 1475. All trends remain down in silver at the moment. The big spike down and reversal does argue for higher prices once the short term cycle makes its turn. A close above the trendline should favor that.

24hGold - Gold trades in betwe...
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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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