However the whole of this analysis was first made available to Patrons who support my work on the 9th of September. So to get immediate First Access to ALL of my analysis and trend forecasts then do consider becoming a Patron by supporting my work for just $3 per month. https://www.patreon.com/Nadeem_Walayat.

TREND ANALYSIS

I have been closely watching the gold price since early August. Though held off publishing my analysis because the probability for a bottom was deemed to be too low given the weak price patterns that subsequently resolved in a further break lower to $1167. So a reminder to my readers who eagerly await my analysis that there are times when the price patterns are just not clear enough to conclude in a high probability trend forecast.

However since $1167 the Gold price has shown it's strongest rally since the downtrend began off the mid April high, so an early indication for putting in a bottom, the confirmation of which would be on break above resistance at $1221.

RESISTANCE : There is heavy over head resistance between $1260 and $1300 that the Gold price is going to find tough to break through.

SUPPORT is at $1200, $1165, $1125 and then a more distant $1050.

TREND CHANNELS - The gold price has broken through a trend channel which should be supportive of gold prices for a few weeks at least.

Overall trend analysis paints a picture of a market stuck in a trading range with an upward bias with no signs for an imminent breakout higher. With the immediate trend implying a marginal correction lower.

MACD - The MACD has unwound some of its over sold state, and continues to allow for a rally of sorts over the next few weeks before likely resolving lower.

ELLIOT WAVES - Elliot wave pattern implies that the Gold price is now in a corrective Uptrend.

The rest of this analysis covering seasonal analysis, the US Dollar and my forecast trend conclusion is first being made available to Patrons who support my work. To get immediate access right now and First Access to ALL of my future analysis and trend forecasts then do consider becoming a Patron by supporting my work for just $3 per month. https://www.patreon.com/Nadeem_Walayat.

And finally during the holidays I even managed to pop down to the Bank of England to have a word with Governor Mark Carney, unfortunately they would not let me in. Anyway here's a unique view of the Bank of England in VR 360.

Your analyst,

Nadeem Walayat

http://www.marketoracle.co.uk

Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

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