The next week maybe 2 could be a crucial time in the price action for the remainder of 2017.
The wave patterns long and medium term would suggest we are heading for at least 1330.
The markets don't always adhere to or care too much about the wave patterns..
From a fundamental point of view there is a case to be made for gold going long but also evidence that it could go short...
Will be very interesting to see how it plays out into mid year close end of June
See closing price by month below. May YTD 10.2%, Q1 was 8.5% up on 2016
Close YoY(2017 month vs 2016 month)
Jan 1210,47 8,3%
Feb 1248,22 0,8%
Mar 1248,78 1,3%
Apr 1267,91 -1,9%
May 1268,55 4,4%
June 2016 closed at 1321
The wave patterns long and medium term would suggest we are heading for at least 1330.
The markets don't always adhere to or care too much about the wave patterns..
From a fundamental point of view there is a case to be made for gold going long but also evidence that it could go short...
Will be very interesting to see how it plays out into mid year close end of June
See closing price by month below. May YTD 10.2%, Q1 was 8.5% up on 2016
Close YoY(2017 month vs 2016 month)
Jan 1210,47 8,3%
Feb 1248,22 0,8%
Mar 1248,78 1,3%
Apr 1267,91 -1,9%
May 1268,55 4,4%
June 2016 closed at 1321
Comment:
Golds medium term direction should be determined pretty soon
Comment:
So looks like sub 1200 could happen after all
www.bloomberg.com/ne...in-a-new-york-minute
Will have to see how this one plays out