The Phaserl


Gold Flirting with Dangerous Chart Support

from Dan Norcini:

Gold has once again fallen into a support region on the charts which continues to gain in importance as it is being tested yet again. The more it is tested, the greater the chance of it breaking for each test begins with the top side of the range moving lower, first from near $1400, then from just above $1320 and most recently from slightly above the $1300 level. Resistance is moving lower and lower but thus far the $1280 level has held.

Bulls have their backs up against the proverbial wall therefore as we head into tomorrow’s big payrolls number report. Any strong number is going to break their backs. If the number comes in weak, they will have dodged a bullet yet once more.

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1 comment to Gold Flirting with Dangerous Chart Support

  • Frank Zak

    As I stated last year, the key gold bottom cycle would hit
    at the March 2014 Fed Meeting. It came in right on time.
    But, this cycle can run sideways for some weeks before
    breaking out to the upside, which I had noted.

    $1178 is not a magical number or support.

    But, this area we are in now must hold.

    The odds are over 90% this area will hold.

    If the major cycle breaks there will be big trouble.

    I can only run these cycles 13 years back on gold.

    So, I can’t see all of the cycles, just most.

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