Gold Monthly 2014 September

2014
Dec 756 1035 1178 1103 1166 1111 1150 1280 1344 1352 1640 1689
Nov 779 1142 1085 1108 1165 1120 1164 1278 1351 1370 1645 1694
Oct  805 1147 1091 1112 1165 1144 1199 1275 1356 1388 1651 1697
Sep 829 1058 1097 1115 1163 1163 1224 1273 1362 1403 1660 1699
Aug 854 1064 1101 1120 1163 1178 1247 1271 1368 1420 1668 1704
Jul 878 1069 1107 1124 1162 1196 1269 1269 1374 1436 1673 1709
Jun
May
Apr
Mar
Feb
Jan
  • 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.

PMGoldMSeptember2014

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.

GoldAugust2014M

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.

 

 

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