SUB 2000's in sight now for gold, the rally has been relentless for now consolidations have been 20+ pts then higher. Since the last post my price range was 1935-1970 and currently at 1977, caution would be warranted at these levels, upside resistance 1970-1990 targeting 2010-2040.
1. From last post cypher in progress price target 2010-2040 price zone still in play, Once price objective is complete there will be a consolidation of about 65-110pts (+/-10pts) 1940-1910. 2. Once the consolidation takes place the between 1940-1910 the price should retest the 2040-2060 targeting 2100-2135. 3. Break out above 2060-2075 then upside price target= 2100-2135, 2195-2225 & 2265-2325. 4. 1615-2067=450pt(+/-), 2067-1810=250pt(+/-), 1810+450pt= 2260 100% 5.Near term price objective will be fulfilled could at current level 1970s or higher then a Price consolidation at 1940-1910 will be ideal however if price cannot be supported at 1940-1910 then lower price target at 1865-1840,price break at this point will target 1810-1800 and lower.
GREEN line depict current scenario where price objective completion at 2010-2040 then lower to 1940-1910 or lower to below 1865-1840 etc. Blue line depicts likely upside move once price objective completion at 2010-2040 or from current levels price consolidation between 1940-1910 needs to provide support then next move higher will target 2060-2075 break out above then next price target= 2100-2135, 2195-2225 & 2265-2325.
Thank you. Upside is still valid, however price got to 1997 and price has consolidated nearly 40pts down to 1954, gold could be range bound in the short term and still have one more move higher to get to the upper price range of 2010-2040 or consolidate lower from 1997. price has come a long way from 1811 to 1997= 180pts, consolidation of between 60pts to 110pts is quite possible 1940-1890 price range. Short term its a traders market fast and volatile. Have a great day