Harmony not looking so harmonious in 2024
M Formation has been forming since November 2023 where the high was R120.
There are lower highs forming and it looks like the price is about to crash down.
This is unusual as gold stocks tend to be a hedge when the markets crash. But I guess with the Dollar strengthening and with America picking up in 2024, there are some disadvantages for the gold market globally.
If the price breaks the neckline, we could see the target at R82.29.
Thoughts?
There are lower highs forming and it looks like the price is about to crash down.
This is unusual as gold stocks tend to be a hedge when the markets crash. But I guess with the Dollar strengthening and with America picking up in 2024, there are some disadvantages for the gold market globally.
If the price breaks the neckline, we could see the target at R82.29.
Thoughts?
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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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