Stretch and Drop Pattern on Gold Spot
As you can see Gold really likes to stretch its daily wicks at the top of a run up, and right before heading down. This is a speculative pattern, however, I think momentum in the macro economy will pull precious metals down for at least a brief period here soon.
I think we could see Gold in the $1200- $1400 honey hole soon again. But, expect it to go up after that if we do see this pattern play out.
Gold is still BULLISH overall! The Bank of International Settlements has reclassified Gold as a tier one asset to hold on the books. And if I am not mistaken I believe this means they can loan against it in many forms. I would not get too bearish on Gold long term.
Good Luck Trading!
I think we could see Gold in the $1200- $1400 honey hole soon again. But, expect it to go up after that if we do see this pattern play out.
Gold is still BULLISH overall! The Bank of International Settlements has reclassified Gold as a tier one asset to hold on the books. And if I am not mistaken I believe this means they can loan against it in many forms. I would not get too bearish on Gold long term.
Good Luck Trading!
Comment:
This is not financial advice.
Comment:
This speculative pattern seems to be playing out!
