Despite yesterday’s violation of 1353.30 (illustrated in yesterday’s letter and still in current video), it remains capable of session containment today, 1398.50 in reach and able to contain session strength. Pushing through 1398.50 allows 1427.00 intra-day, also able to contain session strength, and the level to settle above for signaling 1464.40 – 78.60 within the week, able to contain strength through next week. Though not expected this week, closing above 1478.60 signals 1522.50 within 3-5 days (hours?), primary mid-term resistance able to contain strength into May activity, below which long-term support at 1285.6 –1303.9 is expected within April time horizon. Downside, breaking 1353.30 signals 1328.50, able to contain session weakness, below which 1285.60–1303.90 is expected intra-day, targeted long-term support able to contain selling through May, possibly later year.
Following the February long-term sell signal, and the secondary signal elicited at the end of last week (Friday, April 12), Comex Gold (June) is very close to testing its 1353.30, 3-5 week target objective, which can contain selling through May activity. Keep in mind we expect the 1285.60 – 1303.90 region over the next 8-12 weeks (days?), with later 1213 allowing 1086.50.
What’s more, the active Gold ETF (symbol GLD), has slipped through it’s near-term 133.96 target, with a daily settlement below 133.96 allowing 123.85 – 125.67 within the week (given heightened volatility), able to contain selling through May, possibly into summer trade.
The newsletter and video contained within the previous post shows all the technical details. Stay tuned!
Last week’s Gold sell-off elicited a secondary sell signal in both COMEX Gold as well as the GLD ETF that should continue to play out over the next 3-5 weeks. This occurred within the context of February’s long-term sell signal that is expected to weigh on this market into later year.
The printable PDF newsletter lower left provides this week’s key support and resistance levels and relevant near-term charting for both Comex Gold (June) and the GLD, while the 10 minute video just below it provides full commentary, and a deeper level of long-term analysis not available within the printable letter. The video is expandable to full-screen.
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