Gold weekly update 01-05.05
Gold has been rejected from "support" many times. The last time this happened, gold rallied. I have several reasons to believe that gold will go higher.
It is hard to say if we will see a small dip before the rally because it is a new day, a new week and a new month.
My strongest argument for higher prices is the current economic situation.
Macroeconomics
Bank crisis, risk of stagflation, speculation for debt default are very strong arguments leads me that Gold will continue its bullish trend.
Top Down Analysis
This month closed as Bullish month, although Gold is in bearish season.
After the last bullish week, I am not convinced Gold will go down.
Benchmark
Consolidation is clear, but it seems to me that charts are bullish.
COT Reports
It seems the the big players are bullish again.
Yields
For me Yields will go down.
2Y Chart seems like big upthrust, confirmed by the current consolidation.
XAUUSD vs GDX
GDX may be broke the small structure and when the retracement is done it could continue up.
Gold vs Silver
Silver is very bullish. A clear rejection strong from the support.
Momentum
Momentum indicators are also bullish.
It is hard to say if we will see a small dip before the rally because it is a new day, a new week and a new month.
My strongest argument for higher prices is the current economic situation.
Macroeconomics
Bank crisis, risk of stagflation, speculation for debt default are very strong arguments leads me that Gold will continue its bullish trend.
Top Down Analysis
This month closed as Bullish month, although Gold is in bearish season.
After the last bullish week, I am not convinced Gold will go down.
Benchmark
Consolidation is clear, but it seems to me that charts are bullish.
COT Reports
It seems the the big players are bullish again.
Yields
For me Yields will go down.
2Y Chart seems like big upthrust, confirmed by the current consolidation.
XAUUSD vs GDX
GDX may be broke the small structure and when the retracement is done it could continue up.
Gold vs Silver
Silver is very bullish. A clear rejection strong from the support.
Momentum
Momentum indicators are also bullish.
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