Gold WC 9 June 2014

Closing           Support {on fork is shown in black} Resistance

  • WC 16th                              1163 1170 1204 1235  1254  1257 1267 () 1293 1301 1310
  • WC 9th                               1162  1177 1210 1236{1252}1254               1297 1304 1317
  • WC 2nd 1045 1111 1132 1162 1184                     {1251}                                 1303 1323 1338      

Gold has elected the bounce option shown in Gold Manipulators at is again! shown below.

PM Gold D 20140528

Gold cleared its first resistance level of 1254 and closed midway to its next weekly resistance at 1297.  A Retest of support at 1267 should allow of gold to test resistance at 1293, with subdivision of wave d4 leading to D-2 by the end of WC30Jun around 1300. A spike high this week will be no more that 1310, dropping to 1305 next week.

PM Gold  W 20140615

 

 

WC 9 June

  • PM Gold W 20140608 SR

This weeks low again bounced on MMF234ML and pierced both Weekly resistance of 1251 as well as monthly resistance of 1269. I missed this support last week but have added it, as well as support from the Q trend channel.PM Gold W 20140608 MFYou can see is that this wave d-5 has subdivided, and so when it breaks support at 1236 prices will rapidly drop to test 1210. Secondly gold is well overbought! on levels smaller than the weekly fractal scale. So this week expect a neutral opening with a slide to 1236 to close the centi fractal, followed by drop to test 121o support to close the deci fractal scale (which could be next week)

 

WC 2 June 2014 - Gold closed on its weekly support of 1254, and is still trading within the triangle shown since March! So there is still no bearish weekly confirmation, and we are still in wait and see mode on the this fractal scale, however as gold closed below its primary monthly support this is bearish. Also from the wave formation that is visible on the weekly tick scale that either we are at pivot D-1, or in d-3 of D-1. We will have bearish confirmation no later than the end of October, however on smaller tick scales it appears this drop is far from over! PM Gold W 20140601 Closing support and resistance levels are shown.

One Response to Gold WC 9 June 2014

  1. Pingback: Gold and Silver WC 9 June 2014 updated | MAP Wave Analysis

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