After the spot gold TVC:GOLD spiked to a high of $2,072... we note that 'The move to $2,072 lacks momentum as can be seen in the barely positive daily MACD'.
However, we emphasize that spot TVC:GOLD 'is likely to move higher towards the top of the rising wedge near $2,100 before the risk of a reversal increases'. We added, 'If spot TVC:GOLD dips below $2,020, it will most likely test $1,963'.
However, spot TVC:GOLD must break the daily Ichimoku bottom support, currently at $1,920, before it can weaken towards $1,870 (current level of the 55-week exponential moving average).
The risk of spot gold breaking clearly below $1,920 will remain intact over the next month or so as long as it doesn't move above the top of the daily Ichimoku cloud, currently at $1,992.
I expect gold to collapse from 1970 and we will sell TVC:GOLD
Stoploss: 1975
The level I expect GOLD to return is 1965$, 1960$, 1955$
I hope everything goes according to plan and you make a lot of money.