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June 24th Gold Trend Analysis

In last nights website update resistance was listed at 1526-1534 and the high for the day so far is 1526. Support was listed at 1503-1513 and the low so far is 1505.

Trades: Per the website update and email alert — I’ve covered the last of my longs at 1520 on yesterday’s close. Total profits for the week was 47 dollars per oz when combining all the trades. I also shorted the market 1 contract at 1525 — and have a sell order in for another short at 1535 —– and a buy stop close only order at 1547 as a stop loss.

In silver — I sold the long from 35.65 at 35.20 for a 45 cent loss per oz — and i have no short term trades in silver.

We don’t have time to cover news events — but the debt situation is at the top of the headlines.

Going to the charts:

Today’s drop in gold has reached the key support areas at the lower dotted trend line and the FIB retrace at 1506. The market is fighting hard to hold this last short term uptrend line. Resistance is now the 1510-1515 area as we go into the close and as long as we are below 1519 the trend remains down and should be favored on the short term. Any bounce next week should find resistance at the 1526-1533 area on Monday or Tuesday. A CLOSE BELOW the dotted trend line would open up a move to the 1485-1490 area with potential for more. In summary — the trend is down — and barring bounces —- the bear’s have the advantage.

by Bill Downey

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Thoughts
"For a mountaineer, the important things are the effort, the posture and the muscles. The rope that holds him serves no purpose when everything works but it gives him a sense of security. In the same way, all gold does is ensure confidence; it's a safe haven."