Gold: A Few Slight Retracements; 1450 Soon; 1500 Within ReachI have discussed at length in my previous posts where I think Gold will go and the specific reasons for my conclusions. As such, I will refrain from repeating.
To keep it simple, I see 1450 as the next major hurdle and once 1450 is broken we will be set to reach and exceed 1500 within 3 weeks afterwards. Until then it will take some volatility before we get to 1450 and a lot of false bear flags will be dished out.
As a rule of thumb when trading Gold and Silver: never panic sell and always wait for two consecutive trading sessions for confirmation.
I expect Gold to do the following in the near-term:
1) 1440ish (current) --> 1443-1446 (Sunday futures open)
2) 1443-1446 --> 1431-1438
3) 1431-1438 --> 1447
4) 1447 --> 1440-1442
*5) 1440-1442 --> 1450 --> 1470 --> 1490 --> 1500 and beyond
*Slight retracements after 1450 on the journey to 1500 but nothing major.
I expect we will reach 1450 by this coming week and we will top 1500 anytime in September. Longer-term I am still eyeing 1700+ by the mid-point of 2020.
If Gold happens to gap fill some lower levels into the 1416-1421 range it will be very quick and sometime Sunday overnight into pre-dawn Monday.
- zSplit
