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At the moment, odds (not absolutes) favor gold as putting in a high on our cycles chart. The next blue cycle is Due Dec 3rd - plus or minus 72 hours (which happens to be the 2 year anniversary of the low at 1045 for this bear market).
 
Because of the tightness of the range, even though it's not the odds, it is not impossible that the chart could be interpreted like the one below. It is NOT the odds favored, but it can't be ruled out yet.
What would favor this scenario. A close above 1297-1308. A close above 1308 will favor higher prices into Dec 3rd.
There are many opinions in the market. But in the end, the market offers ODDS, and not absolutes.
The red cycle window closes after trade on Tuesday. Any new closing high above 1300 after Wednesday, should be a warning sign and any close above 1308 will favor higher into Dec 3rd. Otherwise, favor a the top is in and lower from here.
First support comes in around 1277. There should be some support at 1268-1272 and at 1261-1265.
Finally, the choppy overlapping structure of what has happened in November favors the downside still being in charge since the September high at 1362. Only a close above 1297-1308 would change things on the short term.
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GOLD CURRENT WEBSITE TRADE
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no current trade
YTD = Gain $ 141.50 per oz
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SILVER CURRENT WEBSITE TRADE
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no current trade
YTD = Gain $ 4.34
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Disclaimer
The analyst intends to portray his thoughts and ideas on the subject which may be used as a tool for the reader. GoldTrends does not accept responsibility for being incorrect in its speculations on market trend or key turning points that it may discuss since they are at best a calculated analysis based on historical price observations. Do your own diligence. This is not a recommendation for you to buy or sell any commodity or stock. The analyst is merely listing one of the trades for his own account and what you do with that information is entirely up to you. The analyst lists his trades as soon as possible but due to his style there are times he has bought or sold a position based on the PATTERNS that have been presented at the moment. On those occasions, be aware that you will receive information of a buy or sell point that analyst has ALREADY TAKEN FOR HIS OWN ACCOUNT. While that is not the intention, we want to make sure you know that it does happen. We are not brokers---we are traders. We DO provide trade orders we have PLACED as soon as we decide, but due to style there will be times we have already entered or exited and we make you aware of that in each update.
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