Gold Reaches My Upside Target From December EXACTLY! (GC)
Hi friends! Welcome to this update analysis on Gold, via the gold futures contract! Let's get right to it! Looking at the weekly GC chart, we can see that gold has sustained a powerful rally into the 1550 level. I've been projecting this move for a while, and I knew it would happen even when gold was down around 1200. If you recall from the analysis that I posted on December 24th (linked below) I showed exactly how and why I thought this move would play out. Now that gold has reached the 1550 area, we need to watch to see if gold can get above the red resistance line, or if we struggle here and fail to get above it. This is a very critical moment for gold. However, in reality, gold is pretty over extended right now.
Looking at the RSI, we can see that it is way overbought on the weekly chart. Also, price is reaching above the top of the Bollinger band. So, gold is technically being overextended right now, as it tests a major overhead resistance level at 1550.
Based on that, I think the most likely scenario is that we get a short term pullback here, which allows the gold market to regain fresh buy side momentum, to potentially push it above the 1550 level. There is certainly a rise in buy side momentum, but we are overextended on the indicators.
As I've said before, I ultimately believe that gold will far surpass the 2011 all-time-high, especially given the fundamental economic headwinds of the economy, which you can read about in my previous gold analysis linked below.
#PoopLovesYou
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Looking at the RSI, we can see that it is way overbought on the weekly chart. Also, price is reaching above the top of the Bollinger band. So, gold is technically being overextended right now, as it tests a major overhead resistance level at 1550.
Based on that, I think the most likely scenario is that we get a short term pullback here, which allows the gold market to regain fresh buy side momentum, to potentially push it above the 1550 level. There is certainly a rise in buy side momentum, but we are overextended on the indicators.
As I've said before, I ultimately believe that gold will far surpass the 2011 all-time-high, especially given the fundamental economic headwinds of the economy, which you can read about in my previous gold analysis linked below.
#PoopLovesYou
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Comment:
www.tradingview.com/...llapse-and-Gold-GC1/