Gold Daily Update
17 Mar 2014 10:38 PM | Bill Downey (Administrator)
Gold Daily ~ March 18, 2014
Trend
Long Term ~ Neutral - Need a monthly close above 1800 to confirm the bull market final phase underway.
Medium Term ~ Neutral – Trend is now neutral after one year in bearish mode. A close above 1420-1480 needed for next significant price point
Intermediate Term ~ Bullish – Gold bears keep trying to get gold to join silver in a seasonal downturn but just can’t do it yet. The wild card remains the Russia/Ukraine situation. A close above 1364 needed for higher. A CLOSE BELOW 1322 puts the seasonal downtrend in play and neutralizes the trend.
Short Term ~ Bullish – The Short Term Cycle window is open until March 19th – where a peak in gold is due ideally on March 16th ---plus or minus 72 hours --- but the divergence in silver continues to leave more than one avenue open in the metals. Next Fed meeting BEGINS TUESDAY AND ENDS WEDNESDAY.
Initial Resistance 1392-1402 2nd tier 1418--1423
Initial Support 1352-1362 and 2nd tier 1344-1347
In the last update resistance was listed at 1392-1402 and the high was 1393. Support was listed at 1351-1361 and the low was 1362.