Gold: Possible Strong Rebound Soon

Today we saw the general market algorithmically sell off Gold/Silver in response to false sentiment from a Chinese statement. The idea turned China not retaliating "yet" into a China-USA trade deal which is ludicrous. China is known to be incredibly patient and strategically plan out their moves and I suspect they may publicize their retaliation just before the FOMO Sept 18/19 meeting. All of this "news" is nothing more than stock market manipulation to trap the bulls in the general market, continue to add inverse leverage funds at lower costs, and continue stock-piling Gold at cheaper prices (which is what China and Russia are doing at parabolic rates).

Moreover, we saw Gold and Silver sell off today and the general market hit the 3rd peak of resistance which I have explained on my other ideas at length (26400 Dow then rejected, etc). I suspect the market will fall sharply on Friday and/or Tuesday to the treadline off the September 1 tariffs and weak GDP numbers.

The only way we can break 1520 (bottom of current leg) into the 1490s is if there is significant and positive news the market algo's would not have expected. I remain strong bull until we drop below 1520.

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Targeting over 1600 by mid September

- zSplit

Comment:

Gold hung around today around the 1518-1531 range with a decent close around on regular trading hours around 1524.

This will likely set the stage for a huge next leg forward off the backs of a key 26,400 Dow/2940 SP rejection, tariffs on Sunday, brexit issues and 6 year low Consumer Sentiment.

Today is likely the fake bear downside before shooting way up next weeek!