Gold July Neutral

Gold has opened bullish at 1319.26. Prices have moved through the W012ML (1333.39) and to remain bullish we need a new high above 1358.8 where we also have minor cyclical resistance just above at 1363.28 - this is the MLU of the lower possible trend channel and a break here allows a move to test 1600. The next band of resistance is cyclical at 1386.34 with pivotal at 1392.08. Extreme cyclical resistance for this month is 1412.78, but for this an open above 1336 or a test of 1259.75 is required.

Cyclical support lies at 1319.26, 1306.88 where we also have pivotal support of 1303.76, 1282.24, followed by a cluster at 1266.11 and 1259.75. Then we have a gap down to a cluster starting from pivotal support at 1206.14 and 1199.80 and cyclical support of 1206.04.

If prices do not drop below 1236 then as a minimum we have at least a deci subwave if 1412.78 holds.

The wave shape does not show an obvious pattern on the monthly interval beyond a failure to make a new low last month implies a subwave.

Gold M July 2016

So really totally open on the monthly interval with a large range so we need to see if the weekly interval shows what is going on!

 

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