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 cycles and support and resistance points

09 May 2016 1:50 PM | Bill Downey (Administrator)



Gold Short term - bearish

This week’s important price points in gold are the 1260-1263 area and then near 1255. Additional support is the 1222-1230 area. Gold should see a bounce from this Monday low back towards 1272-1280 and then we’ll see. IF the short term cycles play out, this pullback should last until around the 21st of this month. Resistance this week will be 1280-1290 if gold gets back above 1272.


Gold Short term Cycle

As discussed in our last update, a close above 1272 favored higher into May 6th with the target the upper dotted channel line and that’s what we got going into the cycle turn due May 6th (plus or minus 72 hours). If the cycle plays out, gold should move sideways to lower going into the next blue cycle due on the 21st of the month. The window for the red cycle turn is open until this coming Monday close. In summary, if the cycle plays out, we should see a pullback into and around the 21st of May.





Technical Analysis :: Gold & Silver

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