18 replies to this topic

[tria]

Obviously we are in a kind of a trading range, say $1265-$1340 in the medium term untill proven otherwise. Near term however, after a couple of days of backing and filling, some strength should appear but I am not looking for a big rise yet. -tria

[dougie]

guess not

[SemiBizz]

It's not rocket science, just forensics...


Today's XAU Forecast:

the XAU fell under the next layer of support at 94 just briefly to a low of 93.95, but did manage a nice bounce to close at 95.30, near the 95.64 high of the day. The bad new here is that we had STRONGER VOLUME, so we have another long leg available down from under 94 to 91 that can develop. Short term since we bounced strongly here we could still see XAU make a run higher to try to test 96, but if we continue the decline, we see STRONG ODDS for a test of Friday's low just under 94 and depending on the momentum and thrust we could continue even lower to 91. I did tell you once 98 was broken we could easily end up around 90 here.


Today's Gold Forecast:

Just a simple pullback on lighter volume on the daily punctuated by a single hourly volume spike to take it off the 1257.5 low. Doesn't look done to me - gold closed at 1266, up a little for the day, but we see no changes to an outlook for a test of 1251

[SemiBizz]

There's 1251 spot.

Somebody better start buying...

or else.

[SemiBizz]

$YEN BROKE 106

[dougie]

good work

It's not rocket science, just forensics...


Today's XAU Forecast:

the XAU fell under the next layer of support at 94 just briefly to a low of 93.95, but did manage a nice bounce to close at 95.30, near the 95.64 high of the day. The bad new here is that we had STRONGER VOLUME, so we have another long leg available down from under 94 to 91 that can develop. Short term since we bounced strongly here we could still see XAU make a run higher to try to test 96, but if we continue the decline, we see STRONG ODDS for a test of Friday's low just under 94 and depending on the momentum and thrust we could continue even lower to 91. I did tell you once 98 was broken we could easily end up around 90 here.


Today's Gold Forecast:

Just a simple pullback on lighter volume on the daily punctuated by a single hourly volume spike to take it off the 1257.5 low. Doesn't look done to me - gold closed at 1266, up a little for the day, but we see no changes to an outlook for a test of 1251

[dougie]

looks like DUST wants to fill that gap just above

[dougie]

But then THIS might give one pause

http://scharts.co/1sUepLh

[dougie]

yes so much of this seems to hinge on the yen

[SemiBizz]

Contract low 1251.10

We had this on radar for some time now...

From 08/21/14 Gold Forecast:


... the downside support target is 1251 on any sustained or sudden pullback.


We'll see what happens now after this test of important support.

Gold stocks aren't quite to the support target yet on the XAU...