Gold: A Few Slight Retracements; 1450 Soon; 1500 Within Reach

I have discussed at length in my previous posts where I think Gold will go and the specific reasons for my conclusions. As such, I will refrain from repeating.

To keep it simple, I see 1450 as the next major hurdle and once 1450 is broken we will be set to reach and exceed 1500 within 3 weeks afterwards. Until then it will take some volatility before we get to 1450 and a lot of false bear flags will be dished out.

As a rule of thumb when trading Gold and Silver: never panic sell and always wait for two consecutive trading sessions for confirmation.

I expect Gold to do the following in the near-term:
1) 1440ish (current) --> 1443-1446 (Sunday futures open)
2) 1443-1446 --> 1431-1438
3) 1431-1438 --> 1447
4) 1447 --> 1440-1442
*5) 1440-1442 --> 1450 --> 1470 --> 1490 --> 1500 and beyond
*Slight retracements after 1450 on the journey to 1500 but nothing major.

I expect we will reach 1450 by this coming week and we will top 1500 anytime in September. Longer-term I am still eyeing 1700+ by the mid-point of 2020.

If Gold happens to gap fill some lower levels into the 1416-1421 range it will be very quick and sometime Sunday overnight into pre-dawn Monday.

- zSplit

Comment:

Looking good so far!
1) Confirmed rise to 1443 upon open
2) Confirmed drop down to 1437 where it appears a bottom has formed
3) Looking to confirm to 1447+ on Monday

Stay tuned!