Gold Short and medium term price points to watch

Gold Short term

Gold’s pullback on Tuesday held the now KEY WEEKLY 1115-1122 area and has now bounce back to resistance near 1132.  We have 1132-1136 and also the gold downtrend line (which is the 2015 downtrend) right near 1140.   In addition the 1148-1152 area is final resistance until around 1172.   The key now is if we can hold the Tuesday low of 1122.  If so then a test of the 1134-1142 and potentially 1148-1152 should take place.  At least that’s what the odds favor.  Bottom line is if we lose 1115-1122 all bets are off for higher towards 1148.  The moving average resistance on the blue 89 hour is also at 1132 so that is the key area (1132-1136) to watch Wednesday.

Gold Medium Term

Long Term Trend ~ Bearish since Oct 2013 @ 1361

Long term Moving averages 1295 – 1386

Medium Term Trend ~bearish – Moving Averages 1184-1226

Gold continues supporting at the 1080 price area and the 50% retracement of the entire bull market.  The pullback to 1100 last week however held and the possibility that the bounce was complete has changed as gold closed back above 1122 last week.  Support remains that white line we bounced off on the lows and the three red lines under price.  Until we crack below that level it is possible for gold to continue its quest higher at the moment.  On a weekly basis, the 1172-1190 area is the resistance zone with 1222-1258 as key reversal points.  The dual yellow downtrend line is also key.  As long as we are below that area, the downtrend on a medium term is still intact for now.  On the downside, any weekly close below 1072 suggests the downtrend has resumed.