💛Which level are you waiting for before buying more gold?
Gold tried to push above $2,000 this week and got as high as $2,017 before getting smashed all the way down to $1925 the following day.
On Friday it printed $1910 before getting a strong bounce back to $1937.
Gold’s short-term outlook does not look so good, the chart is over-extended, buyers are running out of steam and the stock market looks wobbly if you look in the right places (everywhere but tech/healthcare). A stock market crash can bring gold down with it, given so many are holding gold in ETFS, and for the reasons we saw in March.
Using FIB and past support levels I have put out a few areas where I’ll be looking to add to my core position.
My expectation is that next week gold makes the move lower $1,880~ range, we peek-a-booed there during the blow-off top and buyers quickly stepped in.
If we don’t hold there then the next level is around the $1,800 range, where I think everyone and their dog is waiting to buy some gold, hopefully we have more news next week to see how the next stage of this bull market plays out.
Which level are you waiting for before buying more gold?
On Friday it printed $1910 before getting a strong bounce back to $1937.
Gold’s short-term outlook does not look so good, the chart is over-extended, buyers are running out of steam and the stock market looks wobbly if you look in the right places (everywhere but tech/healthcare). A stock market crash can bring gold down with it, given so many are holding gold in ETFS, and for the reasons we saw in March.
Using FIB and past support levels I have put out a few areas where I’ll be looking to add to my core position.
My expectation is that next week gold makes the move lower $1,880~ range, we peek-a-booed there during the blow-off top and buyers quickly stepped in.
If we don’t hold there then the next level is around the $1,800 range, where I think everyone and their dog is waiting to buy some gold, hopefully we have more news next week to see how the next stage of this bull market plays out.
Which level are you waiting for before buying more gold?
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