Gold is at an interesting junction again, are we going go to hold the $1900 area and retrace or is this a more substantial bottom?
It's very tough nowadays to anticipate what the outcome will be because the market seems to be adopting not too many traditional norms.
So technically, it seems to have met a short-term objective around the $1900 area (38.2% retracement) and the weekly candle pattern highlighted has played out higher in the following weeks. I have highlighted the previous occurrences.
For me, I was always targeting $1905, so I will monitor for buying opportunities but a failure could see a deeper move to the $1850 (the 40% retracement point) area.
we could be settling into a $1900-$2000 range?
It's very tough nowadays to anticipate what the outcome will be because the market seems to be adopting not too many traditional norms.
So technically, it seems to have met a short-term objective around the $1900 area (38.2% retracement) and the weekly candle pattern highlighted has played out higher in the following weeks. I have highlighted the previous occurrences.
For me, I was always targeting $1905, so I will monitor for buying opportunities but a failure could see a deeper move to the $1850 (the 40% retracement point) area.
we could be settling into a $1900-$2000 range?
Mark Langley