At the end of the last week we saw gold declining a bit in value. Cause of the overall economic situation in the world, I suggest that this could be just a short term setback in gold.
(If you ask me about my long term view on gold, it’s still bullish and I'm confident that even the 2.000 mark could be potentially in range.)
But for now let's focus on the current situation. Price broke the upside trendline. Next levels to watch are:
- 1675 USD
- 1600 USD
At those levels price could potentially make a turnaround and continue its bullish momentum.
I think it's very unlikely that price will break underneath those levels, given the current economic circumstances in the long term perspective.
Moreover it's more likely that we will see a move upwards after this phase of short term weakness.
If we look to the wave count (if you believe in the wave theory) we can also see that we are in the fourth wave and the fifth wave has still to come.
This one should be at least able to reach the latest highs.
(If you ask me about my long term view on gold, it’s still bullish and I'm confident that even the 2.000 mark could be potentially in range.)
But for now let's focus on the current situation. Price broke the upside trendline. Next levels to watch are:
- 1675 USD
- 1600 USD
At those levels price could potentially make a turnaround and continue its bullish momentum.
I think it's very unlikely that price will break underneath those levels, given the current economic circumstances in the long term perspective.
Moreover it's more likely that we will see a move upwards after this phase of short term weakness.
If we look to the wave count (if you believe in the wave theory) we can also see that we are in the fourth wave and the fifth wave has still to come.
This one should be at least able to reach the latest highs.