A Mid Week Report on Gold
Erich K. Soltes
15 Dec, 2005
This report will look at the
Daily, Weekly and Monthly charts Gold. A description of the current
trends, support and resistance levels and where each of these
markets appear to be heading will follow each chart.
An explanation of the three windows of the charts and description
of each of the indicators is here.
Above is the chart for Daily
Gold
The current short term traders' position is Short.
The current long term traders' position is Short.
The current sell price for short term traders is 508.0110.
Long term traders' stop loss price is 519.36
Today's closing price is 2.7643 percent to the support price
of Alpha Trend.
The Alpha Trend Support price is 494.6272.
Today's closing price is 15.5804 percent to the support price
of the one year moving average of the Alpha Trend.
The one year moving average of the Alpha Trend Support price
is 439.7805.
The internal strength indicator is trending down.
On November 9 we went long Gold, with an entry price of 467.60.
On December 12 we were stopped out at 524.70. Currently both
long and short term traders are short Gold. Today Gold gapped
down below the upper 1st Alpha wave band then tried to rally
back up to the short term alpha trend line and then gave it all
back and closed below the upper 1st alpha wave band. This price
action does not bode well for Gold. Gold is declining to the
Alpha Trend support line price currently at 494.63 on the Daily
chart. The internal strength indicator is at -18.39 and is trending
down, a reading below -20 and the internal strength indicator
will move out of the over bought level. If the Gold fails to
hold at the Alpha Trend support price the next support price
after that is the lower 1st alpha wave band price of 473.54.
Above is the weekly chart for
Gold.
The current short term traders' position is Long.
The current long term traders' position is Neutral.
All traders are out
The Current trend is bullish.
The Alpha Trend is trending up.
Today's closing price is 10.7113 percent to the support price
of Alpha Trend.
The Alpha Trend Support price is 459.1221.
The one year moving average of the Alpha Trend is trending up.
Today's closing price is 17.5121 percent to the support price
of the one year moving average of the Alpha Trend.
The one year moving average of the Alpha Trend Support price
is 432.5512.
The internal strength indicator is trending down.
Last week and Monday of this week Gold was able to remain above
the upper 3rd alpha wave band, however on Tuesday and today Gold
remained below this support price. The internal strength indicator
is trending down and is currently at -15.67. Both of these conditions
indicate that Gold can continue to decline to at least the upper
2nd alpha wave band support price of 503.45, if this support
price can not hold the next support is the upper 1st alpha wave
band price of 489.94.
Above is the monthly chart
for Gold
The current short term traders' position is Long.
The current long term traders' position is Long.
The current sell price is 542.4250
The Current trend is bullish.
The Alpha Trend is trending up.
Today's closing price is 19.4493 percent to the support price
of Alpha Trend.
The Alpha Trend Support price is 425.5363.
The one year moving average of the Alpha Trend is trending up.
Today's closing price is 24.7107 percent to the support price
of the one year moving average of the Alpha Trend.
The one year moving average of the Alpha Trend Support price
is 407.5834.
The relative strength indicator is trending up
On the monthly chart Gold rallied $1.91 above the upper 3rd alpha
wave band price of 542.59 additionally; traders sold their long
positions at 542.43. Gold appears to be pulling back the next
support price which is the upper 2nd alpha wave band price currently
at 502.36. If this support price doesn't hold the next support
price is the upper 1st alpha wave band price of 477.50.
In conclusion Gold has rallied above the upper 3rd alpha wave
band on all three charts, which is a very good indication that
this market is topping out. Gold is currently trending down the
next major support price is 494.63-503.45. 494.63 is the Alpha
Trend line price from the Daily chart and 503.45 is the upper
2nd alpha wave band from the weekly charts. If this support range
fails to hold the next support range is 473.54 477.50,
473.54 is the lower 1st alpha wave band from the Daily chart
and 477.50 is the upper 1st alpha wave band from the Monthly
chart.
14 December, 2005
Erich K. Soltes
Alpha Trend Analysis
email: erich@alphatrendanalysis.com
Alpha Trend Analysis
About Erich
Soltes
A graduate of
Brookfield High School in Brookfield CT and an Eagle Scout, Erich
went on to graduate from SUNY Maritime College in New York City
in 1988, with a BS in Marine Transportation and a minor in Economics.
For the next ten years he was a Navel Reserve officer and a Merchant
Marine officer. In 1998 he went to work on Wall Street obtaining
his series 7, 63 and 65 licenses. He worked both as a stockbroker
and a financial planner helping clients obtain their financial
goals. In 2004 he was able to finally reach his goal of developing
a mathematical trading model that could beat the "buy and
hold" method of investing. In mid 2005 the Alpha Trend Analysis
website was created.
For more information
on the Alpha Trend System and the daily newsletter please
go to alphatrendanalysis.com.
DISCLOSURE: Erich K. Soltes is
the Owner of Alpha Trend Analysis, which contains the opinions
of E. K. Soltes, and is provided for informational purposes only.
Neither Erich Soltes nor Alpha Trend Analysis, provide individual
investment advice and will not advise you personally concerning
the nature, potential, or value of any particular stock or investment
strategy. To the extent that any of the information contained
in this article may be deemed investment advice, such information
is impersonal and not tailored to the investment needs of any
specific person. Past results of Alpha Trend Analysis, or E. K.
Soltes are not necessarily indicative of future performance. Erich
Soltes, entities that he controls, family, and associates, may
have positions in securities mentioned in this article and may
close them at any time.
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