- Bullish Confirmations: Q 1923.70 / M 1434.00 / W 1392.60 / D 1346.80
- Bearish Confirmations M 1179.40 W 1181.40 / D 1240.20
Above are Golds Monthly support and resistance levels for the remainder of 2014. If prices move through a level it then the remainder of the column changes from support to resistance or vice a versa.
SEPTEMBER - The support and resistance levels remain unchanged. Gold just managed a low above the bearish 1271 pointed out last month. which is the fourth retest of Q012ML.
Prices retested the 1300 area as projected, not making the spike high of 1346, but failing at 1324. So far off the March high we have 3 -2 subwaves and and this month, loke silver gold is showing a narrowing trading range, with a break to new lows towards the end on the month / September in line with the Quarterly projections.
AUGUST - So far nothing out of the ordinary since the June update. Prices retested 1300 as projected with a spike high of 1346. July had a low close and so a lower 1300 retest is expected to make d-2. Prices have broken out of the M012 channel shown in June and are moving sideways building energy for a drop as described in the last Q update later this year.
Lows are approaching Q012ML for the fourth time and a M close below 1271 is very bearish for gold as that would be a fourth failure of that ML. Prices would then work their way down to 1180 and then test the Q123 ML around 1160, which is what is projected by the end of September. The sideway behaviour is not bullish at all as no new highs have been made, and prices have 3 times tested MMF123ML and failed (the top of the potential bullish channel shown in July Q update), The fourth test will only occur after gold makes it final low and this is one confirmation of that.
So prices are expected to trade below the first resistance of 1368, and below last months high of 1346 (which is the current daily bullish confirmation) and if support at 1271 fails which is expected they will work their way down to the next support at 1247 and the 1270's will then become resistance.