Bill also writes: Gold Trends Intra Day Gold Update - Aug 2nd
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. Gold Trends Intra Day Silver Update - Aug 2nd
Silver's pullback to support at 39 held and price has pushed back above the 40 dollar area this morning.
Resistance is the 40.40-40.80 area for the remainder of today. Support is the 38.80-39.05 area.
Short term cycles also favor a peak this week but at the moment price is in charge. The 41.20 - 41.50 area is weekly resistance and a close above that area would favor the 43-46 dollar area. In summary, the trend is still up, but I am cautious. Watch 40.40-40.80 as resistance today.
2 comments:
Bill also writes:
Gold Trends Intra Day Gold Update - Aug 2nd
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.
Gold Trends Intra Day Silver Update - Aug 2nd
Silver's pullback to support at 39 held and price has pushed back above the 40 dollar area this morning.
Resistance is the 40.40-40.80 area for the remainder of today. Support is the 38.80-39.05 area.
Short term cycles also favor a peak this week but at the moment price is in charge. The 41.20 - 41.50 area is weekly resistance and a close above that area would favor the 43-46 dollar area. In summary, the trend is still up, but I am cautious. Watch 40.40-40.80 as resistance today.
Well I guess I was right about the direction of SILVER on that previous post. (the one where I posted on the wrong page..LOL)
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