Gold could go back down
Thanks a lot for sharing the Gold with us.
Gold has consolidated and created a triangle formation on the daily chart. Those patterns usually work as continuation formations, therefore gold may continue lower, but we cannot bet the house on that, because it may also try to retrace to the upside, due to the fact that the precious metal is clearly over-extended to the downside.
Gold is plunging down. And no sign that it will stop
We might see below $1,000
Gold has retraced to the upside, but the bearish trend is still in place, it could try to break the 1046 level.
Gold is at levels from 5 years ago. It is so close to 1000 that it is almost sure that it will test it
There is no signal that there will be a reversal of the bearish trend, so I agree - Gold will reach 1000 sooner or later.
There is no signal that there will be a reversal of the bearish trend, so I agree - Gold will reach 1000 sooner or later.
And lower - forecast is at about 980
And lower - forecast is at about 980
I wouldn't be surprised if that happens, all things considered. Still, 1000 is a serious psychological level of support so we might see some hesitation and retracement at that level.
I wouldn't be surprised if that happens, all things considered. Still, 1000 is a serious psychological level of support so we might see some hesitation and retracement at that level.
If it breaks 1000 all sorts of problems will happen
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Gold may try to drop again during this week, but the 1063 level could act as a temporary support. To the upside, the 55 day exponential moving average, which is currently at the 1120 level could act as resistance in case gold retraces to the upside. But the Dollar stays strong and as long as the greenback holds on to its gains, it would be difficult for gold to rally.