Gold - One Last Push to $6k

5 thg 6, 2022

REASONS TO BE BULLISH

• Above the 100 week SMA and climbing - providing support at $1,800
  
• About to break the cup and handle pattern to the upside
  
• RSI is in the bull zone and has reset. Looking healthy, providing space to the upside for further growth.
  
• ADX reset after Sept 2020 and bullish momentum creeping up once more
  
• Repeating the same double-trouble pattern we witnessed during the 70s into the 80s - just on an extended timeline
  
• Looking very much like the first half of 1978
  
• Upside target later this decade will be $5-6k - followed by a long long bear market
  

REASONS TO BE CAUTIOUS

• Already towards the top of the exponential channel - without all that much juice left to squeeze
  
• Painting lower highs on the RSI - not a big deal but something to keep an eye on
  
• Drop below $1,800 and the bull market is over - this would present a double-top and a clear invalidation of trend