Sorry peeps, Gold got clobbered not glittered...
Just a couple of days ago, Gold hit a high of 2089, and then it appeared to have capitulated for a short and brief period below 1900. This has very deep technical implications and I was asked if I would see gold at 2000 again, and importantly... when.
So, in an attempt to check out the technical bull and bear potentials, and despite requiring more time for Gold to consolidate, here is my preliminary conclusion...
Gold should be heading down, but not before a lower high around 2000-2020 next week (16-17 August] as marked by the fuchsia ellipse. Failing to break out with momentum, would see Gold start it’s mid term major retracement... to 1600 possibly.
Would I buy gold now? Nah... despite my totally bullish stance on Gold, I would be looking for structures of better odds in my favor as previously described. Meanwhile, one thing I am sure, and it’s very obvious... Gold is in a volatile phase till the end of the year.
“Patience you must have, my young Padawan” - Master Yoda
So, in an attempt to check out the technical bull and bear potentials, and despite requiring more time for Gold to consolidate, here is my preliminary conclusion...
Gold should be heading down, but not before a lower high around 2000-2020 next week (16-17 August] as marked by the fuchsia ellipse. Failing to break out with momentum, would see Gold start it’s mid term major retracement... to 1600 possibly.
Would I buy gold now? Nah... despite my totally bullish stance on Gold, I would be looking for structures of better odds in my favor as previously described. Meanwhile, one thing I am sure, and it’s very obvious... Gold is in a volatile phase till the end of the year.
“Patience you must have, my young Padawan” - Master Yoda
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.