Gold: Probability Rises as Breakout Next Week Shows Immanency
On October 12 I was able to accurately predict that Gold will begin to break-out on October 24th and it began to do so on Friday, October 25th.
Currently I am targeting Gold to continue its upswing with the potential to re-test the upper 1490s or near 1500.50 as a possibility/likelihood. It is increasingly likely the DXY rally is starting to fade and this will be exacerbated as the Federal Reserve is poised to post another 25 bps cut this week.
Irrespective of what other people have tried to say, and what I have focused on over the past 2 months, Gold and Silver have undergone about 2 months of weak movement and consolidation (common for precious metals), and should break-out of this phase later this week into November.
My target of 1600-1625 (and 22-24 for Silver) by January 2020 remains intact which I have held firm for the past 6 months.
In the near-term we can see some movements up to R1, R2, Fibo and R3 with some re-tracements back to the trend-line from the peak-before-break-out from May. Momentum should begin to hold under the movement (price) of Gold by the middle of November and we should begin to move upwards.
- zSplit
Currently I am targeting Gold to continue its upswing with the potential to re-test the upper 1490s or near 1500.50 as a possibility/likelihood. It is increasingly likely the DXY rally is starting to fade and this will be exacerbated as the Federal Reserve is poised to post another 25 bps cut this week.
Irrespective of what other people have tried to say, and what I have focused on over the past 2 months, Gold and Silver have undergone about 2 months of weak movement and consolidation (common for precious metals), and should break-out of this phase later this week into November.
My target of 1600-1625 (and 22-24 for Silver) by January 2020 remains intact which I have held firm for the past 6 months.
In the near-term we can see some movements up to R1, R2, Fibo and R3 with some re-tracements back to the trend-line from the peak-before-break-out from May. Momentum should begin to hold under the movement (price) of Gold by the middle of November and we should begin to move upwards.
- zSplit
While GoldSpot did drop very slightly more than I anticipated, this drop had very little to no impact on most quality Gold stocks. In fact, many Gold stocks have been up 5-10% or more since this idea was posted including when GoldSpot actually dropped briefly.
I expect US jobs data to come in worse than previous and worse than expected and this could push Gold into the 1520s or greater.
New idea will come as needed and as required.
- zSplit