October 27 2014
Gold Medium Term
Long Term Trend ~ Bearish since Oct 2013 @ 1361
Long term Moving averages 1508 – 1553
Medium Term Trend ~Bearish – Gold needs a monthly close above 1292 to return to a bullish mode. 1286 - 1295
As long as we are below 1292 on a weekly/Monthly close, the odds favor the bears are still charge overall. We discussed that the odds favored going back down to test the gold channel line. It is important that gold was rejected at the green channel lines, because that makes things even more bearish and if we don’t hold this area, odds favor we’re heading towards...