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.

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