Prior Idea Confirmed: Gold will Re-Test <1400 before mid-May
Hello traders!
As shown below, I was one of the early few to post about the fact that the recent pump in Gold to 1640 was entirely a complete fake-out. Meanwhile, many traders were expecting new highs.
This post will be a re-post to help fellow traders to know whats coming in-case they did not get a chance to see my prior idea.
I will refrain from repeating everything I said in my prior idea (please read it carefully for full analysis if you are interested).
That being said, we can expect a re-test of 1500 in the near-term which should provide some support at the gap fill, but ultimately, Gold will re-test 1450 then likely touch 1390 for a brief time before hanging around the 1400-1440 level for 1-3 weeks as it enters a bottoming process in early and mid May. Below 1390 is possible, however, I am NOT forecasting it at this time.
Silver will follow a similar pattern and find support near 12 but ultimately fall to around 10. Below 10 is possible, however, I am NOT forecasting it at this time.
- zSplit
As shown below, I was one of the early few to post about the fact that the recent pump in Gold to 1640 was entirely a complete fake-out. Meanwhile, many traders were expecting new highs.
This post will be a re-post to help fellow traders to know whats coming in-case they did not get a chance to see my prior idea.
I will refrain from repeating everything I said in my prior idea (please read it carefully for full analysis if you are interested).
That being said, we can expect a re-test of 1500 in the near-term which should provide some support at the gap fill, but ultimately, Gold will re-test 1450 then likely touch 1390 for a brief time before hanging around the 1400-1440 level for 1-3 weeks as it enters a bottoming process in early and mid May. Below 1390 is possible, however, I am NOT forecasting it at this time.
Silver will follow a similar pattern and find support near 12 but ultimately fall to around 10. Below 10 is possible, however, I am NOT forecasting it at this time.
- zSplit
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