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Gold Trends Analysis

Tuesday, December 24th, 2013

Gold Medium Term and Resistance Line
Long Term Trend ~ Neutral since 4/12/13 @ 1501 ~ Moving averages 1560 – 1561
Medium Term Trend ~ Bearish since 4/5/13 @ 1575 ~ Moving averages 1321 – 1370

From a medium term perspective, as long as price is below the UPPER RED LINE near and below the moving averages, the overall medium term trend is still down. We need a close above the moving averages in order to neutralize the downtrend and take it out of bearish mode. The moving averages have now come down to 1321-1370 as we enter this week.

The potential for the year end to be another low cycle has not been eliminated.   We’ve got to get above the averages and the red line in order to become more favorable towards the medium term.  Last week we lost the 1220-1222 area and came within 8 dollars of our target (1180) if broken.

If you look at the end of 2008 you see that the green channel line was broken right at the crash low.

If the lines do break the June lows on the downside the next support is the dotted line near 1100 and then the 1000-1040 area where the white line crosses.   The key for gold is for price to get back above 1370 on a weekly basis for the medium term trend to get out of this bearish mode.  Support is getting thin as we’re at the weekly trend lines.  The June lows can still be taken out if those lines give way but there is a weekly support at 1172 on a Friday close basis that would be the next point to watch for support before the line near 1000 on the chart comes into play.


Gold Trends Analysis

Gold Trends Analysis

Ext : http://www.goldtrends.net