Gold Trends

Our last post discussed the Oct pullback had reached a long term trendline at 2598-2610 & should be watched The low was 2604 & a big move up has occurred since Now near Long Term Resist line 2798-2822 110 Mil Oz traded @ Spot Mkt today Still a bull but favor resist in this zone

We discussed a few weeks ago that odds favored a pullback from 2650-2700 (High so far 2682) A zoom shows the long term trend lines PRICE could not make 2647 support & now price at 2598-2608 zone WKLY Supp ALSO at 2572 area & 2522 Lets see what it does at this line (2598-2610)

$Gold touched this wk's Resist (2672-2722) at 2673 & just missed touching Support (2622-2572) at 2626 Zoom in shows price trying to support on top of a long term trend line intersection zone from 2597 to 2647 It has spent2 wks trying to hold this upper line Watching 2647 area

Crude OIL (WTI) Long Term Price touching long term support lines in the 66-68 area at a time when there's a record short position & a potential Middle East Powder Keg situation. Long Term Support 61-66 Bot Line A very key price zone to watch I favor a resolve to the upside

Our previous posts had Silver at 30-32 as 1st long term Resistance Need a monthly close above 32 to open up the higher levels at 38-40 Sup 24-26 Bot Line = need a close above 32 for next targets to open up

The resistance we discussed last week 2650-2700 was reached as price pushed to the 2670's We begin the week just under 2650 This week Resist 2672-2722 Supp 2572-2622 Pullbacks aside, the longer term trend remains up

$Gold potential targets "IF" we get a pullback to December. The long term bull remains in place.

Long Term $gOLD Price arriving at Yearly Channel Resistance level (2650-2700) There are no absolutes, only Odds If this resistance causes a selloff into year end, odds favor it will be a buy opportunity While anything can happen to propel price higher, be careful at these levels

$Gold pretty much same as end of April & 1st Wk of May price Resist Daily 2372-2382 Wkly 2422-2432 Supp Daily 2322-2332 Wkly 2272-2282 While I favor trade range into July, a WKLY Close above 2432 would change my outlook Bigger trend still up but would rather see a July low

$Gold Volume & price have coincided all year Big volume & very narrow range suggests market setting up for next $50 move Watch this 2312 area where 5 Day Mov Ave resides The 5 day was above other Ave's all year until this pullback began May usually choppy & tricky Be careful

$Gold After favoring choppy & bears below 2245-2265 last wk, price dropped to Wkly Sup 2272-2282 (low =2277) Bulls attempting to take back control this wk Key area again is 2345-2365 we discussed last wk Sup & Resist on chart GOTTA MAKE that zone on chart 2322-2333 Support

$Gold Daily 1st pause in New Bull Mkt Leg RARE Gold trades over 150 Milion Oz's in day This week Mon 164 M (Highest this decade) Tues 154 M Wed 137 M Thur 150 M Price $240 above 233 day Mov Ave (2063) Seasonal Pullback remains in play when below 2345-2365 but Big Pic Bullish

$Yen Vs $USD Long Term 1985 Yen 260 G5 Plaza accord = last major intervention April 1990 = 160.20 April 2024 = 160.17 An exact 34 Year Fibonacci sequence & No change in value vs USD Central Bank Breakline YEN 160-166 = Last Chance Saloon BIG BATTLE THIS Wk - 700 pip range

$Gold Long Term Odds favor a breakout has occurred 3 Sister attempt to hold gold at 1K in 2008 failed & control boyz had to abandon ship After holding 2k 13 yrs, a 3 Sister attempt has failed in the past 2 months Now What ? We might consolidate a few months but stay bullish

$Gold this week Resistance DAILY 2245-2265 WKLY 2382-2392 Support DAILY 2306-2320 WKLY 2372-2382 & 2243-2263 MONTHLY 2243-2263 Key area this wk is that line at 2345 & extending to 2365. Short term bears control below there Med & Long term bullish

$Gold April/May usually choppy & pullbacks to summer often the case in bull mkts Resist Monthly 2422-2472 Wkly 2372-2382 Support Wkly 2222-2232 Breakout Supp 2122-2172 🔑🎯 Yearly 1922-1972 & 1862-1872 Bot Line Bull Mkt not over Likely seasonal pullback Buy zones on chart

We discussed this week that 2145 was a key support Low this wk=2146 PRE FOMC we said either 2122 or 2222+/- $8 bucks (& our bias was for bulls) Bulls won & high = 2221 Now prices pulled all the way back inside our key 2172-2182 Wkly resist Bulls want close ab 2182 today

Last nights update on $gold favored the High Vol area's below on Tues chart to favor support (2145-2152) into FOMC ; Low today 2149.75 Also favored res 2159-2164 & 2163 high Now back at 2156 FOMC in a couple hrs Let's see who wins (my bias is bull but on sidelines at the moment

$Gold past 24 hrs settled into range Pre FOMC High Vol area's Tues favor initial support into FOMC Highest 2145-2147 - Mid 2147-2151 & LOW 2151-2152 If we break 2145 then 2222 (+/- $8 bucks) can come into play esp after FOMC Daily Res 2162-2167 Wkly 2172-2182 All eyes on FOMC