Expected gold to catch a bid on the POTUS news? Weak close IMO
No real traction this week off the low of 1851? Very little momentum, no real follow-through so gold in my opinion looks to consolidate more and possibly pivot lower next week retesting 1851. I halfheartedly think we may have put in a double bottom but with this week's weak close in gold, that's questionable. BTG bounced off $6.02 on the 19th of August and $6 on the 24th of Sept. I did Expect to see gold get some traction on news that POTUS contracted COVID, instead... gold couldn’t catch a bid and closed the week quite weak IMO. Might retrace and retest that 1851 level and a close below $6.26 might set that up. If so, I’m thinking we could get closer to test that $5.90 mark at the fib .618 level if my lines are drawn properly? I’ll be patient here and a buyer closer to, or just below $6 in that fib area unless or until there is a decisive move over 1925 and a change in momentum higher. Good luck, just my opinion here, would love to see others, have a great weekend!
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