Locally - Up to 1350 seems to be in the cards.
The last few months could be a succession of bear trap and bull trap (now under way).
Long Term - Gold shall increase - It makes sens from a fundamental and a technical point of view.
However, correcting to circa 900 is really a realistic scenario that makes sense from a fibonaci and an elliott waves perspective.
The Long Term fundamental bullish scenario holds true here - No discussion but it was holding true for a while already and has failed.
Until 1370 is cleared decisively - the correction is still at play...
Conclusion:
- Long now until 1350.
- At 1350 - Consider investing some of the proceeds into managing a short.
- If 1350 crossed decisively - Correction possibly over.
- If Gold falls to 900 - buy very strategically and for the long term.
- If you are bull and keep longs through 1350 and you are right - Congratulations.
