http://www.goldtrends.net/ The gold market has pulled back into Options expiration and the roll from April to June contract has added to the downside we've been speculating on since late last week. Today's low near 1410 spot did not quite reach the lower purple channel line --- but seems to have found decent support there. The lower purple line is key support ---- say in the 1405-1409 area and WEEKLY SUPPORT is the lower dotted trend lines in the 1390-1400 area. We'd like to see gold close back above 1425 on a daily basis give more confidence of a Monday low is in place. Cycles and past history shows end of month and beginning of month as strong points for gold over the past six months --- so odds do favor one more push higher this week. A WEEKLY close above 1444 would add to the bullish potential that gold can push towards 1500. In summary --- with options expiration out of the way and the very short term favoring the bulls --- closes above 1425 should favor the upside. A close above 1436 WOULD ADD to the potential ---and as mentioned a close above 1444. As long as we hold the lows of today --- a push higher should develop into the week. Lets see if we can close back above 1425.
Gold Mid Day Monday
http://www.goldtrends.net/ The gold market has pulled back into Options expiration and the roll from April to June contract has added to the downside we've been speculating on since late last week. Today's low near 1410 spot did not quite reach the lower purple channel line --- but seems to have found decent support there. The lower purple line is key support ---- say in the 1405-1409 area and WEEKLY SUPPORT is the lower dotted trend lines in the 1390-1400 area. We'd like to see gold close back above 1425 on a daily basis give more confidence of a Monday low is in place. Cycles and past history shows end of month and beginning of month as strong points for gold over the past six months --- so odds do favor one more push higher this week. A WEEKLY close above 1444 would add to the bullish potential that gold can push towards 1500. In summary --- with options expiration out of the way and the very short term favoring the bulls --- closes above 1425 should favor the upside. A close above 1436 WOULD ADD to the potential ---and as mentioned a close above 1444. As long as we hold the lows of today --- a push higher should develop into the week. Lets see if we can close back above 1425.
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