August 2nd Gold Trend Analysis

In last nights Website update gold initial resistance was listed at 1622-1626 but that level was exceeded. 2nd tier resistance was listed at 1633-1640 and the high so far is 1640. Support was listed at 1607-1615 and the low was 1616.

Trades: I am currently flat and have no short term plays on.

I am pressed for time today so we go right to the charts:

The gold market has continued to move higher as the 1633 has given way. There was a massive battle at 1610-1630 that took place between the bulls and the bears.

Resistance for the rest of the day is the 1640-1650 area. Support is the 1629-1633 area.

Short term cycles still call for a top by today but price rules at the moment and it has to be respected.

In summary, the uptrend is still in play. It takes a close below 1615-1621 to neutralize the upside. I am standing aside today and watching the action.

by Bill Downey

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"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."