Gold pullback to Resistance now turned Support Zone
Gold is back at retesting the flip zone. Many are confused on why Gold fell as everything fell except Bonds and the VIX. This is likely to do with margin calls forcing traders to close positions even in safety assets.
I am still bullish on Gold going forward as it is a confidence crisis asset when people begin losing confidence in governments, in central banks, and in the fiat money. Gold breaking into all time new highs against many other currencies tell us what is coming.
Going forward this does not change. We will see Gold break up higher against the USD (and the USD CAN be moving higher at the same time-read idea linked below).
As long as Gold maintains above the swing shown by the arrow at the 1450 zone, we are still in a bullish trend.
I am still bullish on Gold going forward as it is a confidence crisis asset when people begin losing confidence in governments, in central banks, and in the fiat money. Gold breaking into all time new highs against many other currencies tell us what is coming.
Going forward this does not change. We will see Gold break up higher against the USD (and the USD CAN be moving higher at the same time-read idea linked below).
As long as Gold maintains above the swing shown by the arrow at the 1450 zone, we are still in a bullish trend.
