My belief is that Gold has reached the Centerline target and will now fall to 1160 or possibly to the bull trend line from 2007 (Dark Green) (2nd chart in comments shows bigger picture - bull/bear trendline origination).
If we fall past 1160 and bounce from the Green trendline, I expect a more rapid bounce through the Centerline and head all the way to the top of the range. If we turn at 1160 I will be looking for a little more back and forth before ultimately turning up.
The bull/bear (Bold Red/Green) trend lines converge at the end of 2017 which is where I finally expect Gold to break out and be able to go after new all time highs.
This narrative should match the FED rate increase decisions pretty closely, with inflation becoming a more serious issue as we move forward.
I am setting this idea as short for near-term profits, but longer term I am still bullish on Gold
If we fall past 1160 and bounce from the Green trendline, I expect a more rapid bounce through the Centerline and head all the way to the top of the range. If we turn at 1160 I will be looking for a little more back and forth before ultimately turning up.
The bull/bear (Bold Red/Green) trend lines converge at the end of 2017 which is where I finally expect Gold to break out and be able to go after new all time highs.
This narrative should match the FED rate increase decisions pretty closely, with inflation becoming a more serious issue as we move forward.
I am setting this idea as short for near-term profits, but longer term I am still bullish on Gold
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