World Blog by humble servant.Market Talk ..Gold and were do we go from here........

The analysis perspective  as of the close of Friday  June 26th, 2020  New York   gold futures  close today at 1780  and is trading up about 16% for the year from last year's settlement of 1523.  This Market  has still closed above 3 key support levels.  Factually,  this Market has been declining for two months  this price action here in June is warning that we may have at least a temporary high in place beginning perhaps a bearish reactionary move on the monthly level if we see lower prices next month are closed lower. Otherwise, there Remains the potential for 1-month knee-jerk reaction low.  As we stand right now,  this Market has made an outside reversal exceeding the previous month's High reaching thus far 1796 and it has broken last year's last month low falling to 1671 while it is still trading above last month's high of 1775. Focusing on trend .At the present, the market remains neutral on the momentum indicator yet bullish on the short-term Trend indicator while the long-term Trend and cyclical strengths are bullish.  The historical HIGH took place back in 2011 and we have witness a bearish subsequent down trend for 8 years.  This correction since that high has been a 54% decline from 1923 down to 1045  and it closing below this area with technically signal that a more serious correction is developing Down to 961 and a closing below that area with technically warned that this Market is indeed in a meltdown mode. There was a subsequent correction low in 2015 and we have bounced him 70%  which has been a respectable advance to date. We have elected one yearly buy signal during this bounce currently this Market on the yearly level  has been consolidating since the high established September January 1st, 2011 for the past 8 years and a closing below 680 would signals that a continue decline is underway likewise only a break to new highs with the closing above 1923 suggest a Renewed rally is unfolding. Meanwhile our technical resistance stands at 1631 which we have already exceeding are currently trading above this level warning some strength has resurfaced in this market this level can now offer technical support during any attempt to fall back in this market. Nevertheless, our technical support lay at 1373 which is still holding at this time.  Our timing models warned that a turning point is do come July in New York gold nearest Future so we should remain focused . The last cyclical event was a high established back during April. Normally, this implies that the next Turning Point  should be a low. However, to date, this Market is already exceeded that previous High established at 1788. This strongly implies we are in the cycle inversion process, which tends to be rather bullish overall. Last month produced a true neutral inside trading range from the previous month close on the positive side. At this time, we have exceeded last month and we're trading trading above it on a closing basis. We must close this month above 1775 to suggest any further upside potential. We now need to close above 1775 on a monthly basis ,for a reversal of trend .Critical support  still on your lay at 1519 and a break of this level on a monthly closing basis would warn that a substantial decline would becomes possible nevertheless, the market is trading above last month showing strength . On a broader perspective this Market remains in an uptrend.  Positive on all the indicators looking at the monthly level. We see here the Trend has been moving up for the past Twenty-One months. The previous low of 1162 made during August 2018 on the monthly level as held and only a break of 1576 on a closing basis were warned of a technical near-term Trend change . The previous High made during April on the monthly level at 1788 now has been exceeded in the recent rally we have generated a Buy signal so some caution is required.