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 Short term price and Cycle Forecast

05 Feb 2016 6:34 AM | Bill Downey (Administrator)


Gold Short term price and cycle Forcast

Gold Short term

On our last website update to subscribers, we discussed if 1115-1119 holds it would indicate strength and the 2nd spot to watch support would be 1105-1109. We discussed that as long as we held one of those two area’s that the short term would remain bullish. We got to 1109 and turned up. Wednesday took out the 1133 resistance and now we are at the last resistance area (1154-1164) before the 1190 area. Note there is a minor resistance at 1172-1176 as well.

The big development was the push out of the uptrend channel and the momentum channel now rules. As of Thursday, we have arrived at the 2015 uptrend line and now we see if that area holds gold. Look for 1154-1160 to be resistance on and then we have the NFP report on Friday morning. This could be a catalyst for a push to 1190 in gold. But it could also engage the short term cycle TURN coming due starting Friday and into next week. The new support levels are 1129-1138 and then 1117-1122. In summary gold has increased upside velocity and the short term trend remains up, but time to be cautious short term. If we bust through 1165 then 1190 will be most likely target.


Gold Short term Cycles

Our last website update to subscribers stated a 70% odds favored higher price into Feb 8th. We also said any close above 1133 would be our confirmation. That has come to pass.

We gave support at 1095-1110 and the low since then was 1109. Thus our last support range was also fulfilled.

The next cycle date is Feb 8th (plus or minus 72 hours). That means the WINDOW for a turn opens on Friday and extends to next week (Feb 11th). THE NFP report on Friday will either push us to 1138-1143 or past 1160 and higher to next week (1190 area). Odds are 30% that this coming cycle can get a CYCLE INVERSION. That would mean higher prices for 2 more weeks !!!!

We should look for a turn but to beware that this RED cycle is one of only 4 this year that HAS the HIGHEST INVERSION POTENTIAL. RSI on chart is also in overbought territory. If the bull hasn’t turned back up --- then a pullback is not far off.





Technical Analysis :: Gold & Silver

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