GOLD WEEKLY UPDATE* FEB.25

I have moved towards hosting my blog at wordpress. From now on, this will be the new platform.

I have migrated most of the content with their help form WP staff (TY again!). However, some posts were lost in migration.

Thus, here´s the analysis on Gold, which was postmarked last night (you can see the source here), after the market opened on Sunday.

One of the scenario´s laid out back on Friday did actually play out.

I am not having a clear picture here.

On one side, I am working with the hypothesis of more consolidation in the area contained between this week lows ($1554), and  Yesterday´s quick rejection  of $1585´s by sellers is a hint here. I am leaning into the possibility of tagging $1594-$1592, followed by $1600, if buyers regain control….

The area within $1585 has proved to provide some selling with committed pressure to the downside. This could prove to be an inflection point, which should be further confirmed by the break of $1590-$1595, within next few days, provided buyers manage to mantain control,

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Alternatively, provided selling continues, $1570-$1568 should be an area to look for to see if buyers look to defend.

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This approach has been presented last Wed., Feb. 21 as one of three possiblilities to take into account, within a bigger picture. All of them are still valid.

Thus, three different scenarios to take into account:

REJECTION of current area + buyers take control –  Gold experiences an important retracement towards the $1580´s, $1590,s, even $1600 – I do not see it very likely, unless the above referenced levels are breached with intense and continued buying action

CONSOLIDATION INTO THE CURRENT (LOWER) VALUE AREA – Possible scenario, contained towards the $1585 area.

POSSIBLE CONTINUATION INTO LOWER AREAS OF VALUE – Also possible. In this case, I´ll be looking at the levels provided above. $1525 is key. I would be warry if price breaks down this level.

I am working with the idea that, if $1562 gets tested, likely is that we could see a retest of the lows at $1553, if not even further. In that sense, I´m leaning into the possibility that a break of $1548, will likely put back into $1525 territory.

DP.-

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