Gold might have one more push higher but the next larger wave will be very likely down and should bring a new buying opportunity between 1,260 and 1,280 USD
any update ? its very close to your targets zone 1306 now ...
i think will have a fake rebound , than drop to your zone 1260- 1280
MidasTouchConsulting
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@AvisCheung, yes we are oversold on the daily on the 4h and on the 1h.. so a little bounce at least is likely or already happening.. but weekly has more need for correction... I think a confusing dance around the 1,300 level and then down to the 200MA is at least to be expected.. I guess before early summer we won't get a really good setup that will bring a wave up that last a couple of months.. seasonal weak and difficult time is here for gold and will stay until june/early july... I am patient but have a short-term long position since 3hours @ 1,306 which I will gladly sell with a small gain rather soon
@AvisCheung, did you signed up for my newsletter ? midastouch-consulting.com and follow on facebook too ? I don't post too much on trading view..
AvisCheung
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i saw many analysis target in 1308-1295 ~
any comments ?
still we focus in 1280-1260?
MidasTouchConsulting
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@AvisCheung, yes generally yes.. but gold makes it difficult here. it still could be that wave 1 is not finished yet.. confirmation comes with a daily close below 1,335 USD... I am waiting patiently at the sideline for a clear signal from the market
ShiTiFen
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@MidasTouchConsulting, thanks for your advise , current price now is 1334 , its very close ...
but will you think gold may rise to 1375 after the corrections ?
because the FOMC in March .. what you think about that ?> teacher
MidasTouchConsulting
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@ShiTiFen, I don't know about FOMC.. all I know is that 30-year US treasuries are very oversold and are close to strong support.. now that the public is becoming aware of it and starts to panic it is probably prudent to expect the opposite.. also remember they have to keep interest rates low otherwise the whole financial world will crash like never before..
More worrisome is the strongly bullish positioning of the professional money towards the US-Dollar.. should we get a recovery in the US Dollar precious metals will suffer..
Generally until spring gold is supported by a good seasonality.. but the next really good buying opportunity probability won't come before early summer...
my expectation is for a bottom between 1,285 and 1,310 maybe 1,315 and another leg up which will fail somewhere between 1,350 and 1,400...
i think will have a fake rebound , than drop to your zone 1260- 1280