Gold- 1900 is very probable till New Year
After the drop under 1800 psychological level on last Friday of November (NY closed) and the drop to 1765 local low, both on very thin markets may I add, Gold recovered strongly on Tuesday and the strong bull candle engulfs the drop and completes a morning star pattern. This makes me believe that the medium-term downtrend is over and Gold is ready to resume its long term uptrend
This Friday's NFP only brought some volatility with price trading in a range between 1832 and 1847 and drawing a star on our daily chart.
At this point, I'm bullish on Gold both on the medium and long term and I expect 1900 to be tested till the end of the year.
Though I can't rule out down spikes to 1818 support or even towards 1800, this should be considered good opportunities to build up longs for an 1850 break and a run to 1900
This Friday's NFP only brought some volatility with price trading in a range between 1832 and 1847 and drawing a star on our daily chart.
At this point, I'm bullish on Gold both on the medium and long term and I expect 1900 to be tested till the end of the year.
Though I can't rule out down spikes to 1818 support or even towards 1800, this should be considered good opportunities to build up longs for an 1850 break and a run to 1900
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