by Bill Downey     Price Analysis of Gold and Silver
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Technical Analysis Trading Gold, Trading Silver/ analysis By Bill Downey providing key turning points & charts for investors and speculators in Precious Metals Trading, and Precious Metals Markets

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Gold at the 2015 downtrend line in its 4th attempt

07 Oct 2015 2:04 PM | Bill Downey (Administrator)
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Short term gold

The rise from 1107 to 1132 in just 10 mins after the Non Farm Payroll has not pulled back at all.  I had anticipated that if the report was bullish for gold that 1122 would have been resistance, but it sliced right through it.  The pullback that developed Monday only got back to 1130.  This is the first display of strength Gold is displaying since August.  But as we can see below, It ended at the downtrend lines.  Gold has had a knack of just exceeding the lines and then it gets pushed down. It happened on August 24th (which created the middle line) and then got pushed down hard.  It happened again at the Sept high (1168) which created the third line and got pushed down to 1106.  Now it has happened again as we hit 1154 today.  1154-1158 is the last resistance until 1172 so it's a key area to watch.  A move to 1172 would be  a definite break of the down trend line at would set up 1172-1177 and potentially as high as 1199-1222.   





The question or dilemma is whether the gold pulls back to the next cycle turn and stays inside the triangle of upper and lower trend line or whether it breaks higher into the next cycle turn on Oct 12th (plus or minus 72 hours).  If it does 1172-1177 will be next.



I'll be working on a full update tonight for SUBSCRIBERS to the website and will try to find an entry point with the least risk.





Technical Analysis :: Gold & Silver

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