Loading ...Gold: the Bounce is Here
Having looked at price charts (mostly bar but some candlestick) for 40 years, this looks like a spike low to me. The extended uptrendline from the December 2015 low should provide stiff resistance, approximately 1250 – 1260.
How significant a low remains to be seen. Ross gave some interesting probable upside targets IF 1219 is taken out on a closing basis. (I think that equates to about 1221.40 basis December Comex.) I recall his targets in that eventuality were 1248 and possibly 1262. It’s just too early for this as of now.
The 2 pages below are taken from a report that was sent to me last Friday, August 17th. It’s worth a look.
https://goldtadise.com/wp-content/uploads/2018/08/The-US-Dollar-and-Gold-08-17-18.pdf
A bit early to be getting too excited!
The USD is about (possibly today) to host a DCL and commence another daily cycle.
I expect it to be left translated which means it should top early BUT while we wait for that to happen gold will go down again and re-test the recent lows until late Aug-early Sep.
This is supported by the CHF which should now move lower into a DCL while we expect the AUD to move lower and also re-test the recent lows.
The broader problem is what will happen to gold when the USD hosts an ICL in say 6 weeks time and moves into a new weekly cycle.