According to technology, in the long term the price of gold can be driven to the area of 2525. Whether the owners of the Central Bank-6 cartel will allow this to happen, we’ll see.
Note
On November 29, 60,000 call options were purchased per day for a strike of 195 at an average price of around $230 for the option to expire on January 19. A $13.8 million bet that the price of GLD will be above 195 by January 19th. Let's see how successful this deal will be.
Note
The rollback is quite active. If this message to the market is from the Central Bank-6 cartel and it was understood unambiguously, it is optimal to dump the price of gold below 1805. If this is just profit-taking, then after the price has stabilized, the ATH should be updated.
Trade closed: target reached
The target level of 2525 has been reached. There is a possibility that they will try to work out a small consolidation with the target level of 2615, but I would not bet money on this yet.
Note
In my opinion, there is a high probability that the target level of the upward trend has been reached.
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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.