As I suspected earlier, gold needs one more washout. Compare the scenario we are in right now to the boxes on the left hand side of the chart. Almost identical.
I expect indicators to be intact, or further form a bullish divergence, before the real rally starts. With large speculators blown out, the move should be explosive.
The rally could have already started at 1280 level, but it is not impossible to see a rally from a much lower region, say 1250, which would be much much stronger.
I expect indicators to be intact, or further form a bullish divergence, before the real rally starts. With large speculators blown out, the move should be explosive.
The rally could have already started at 1280 level, but it is not impossible to see a rally from a much lower region, say 1250, which would be much much stronger.
Comment:
I think the downtrend may be over but needs bullish price actions to confirm.
