The gold price is looking exquisite for upside.
Not only do we have a Symmetrical Triangle where the price has broken for the first time since March 2023.
We have a more recent Rounding Bottom which is showing strong upside to come for the precious metal.
RIght now, going long gold and golden stocks are a great hedge for the markets.
My target remains at...
Gold declined marginally by 3% in September hitting its major support of 52 weeks SMA, in the face of higher long term Treasury yields TVC:TNX and a stronger Dollar index TVC:DXY .
Sentiment remained weak for most of the month as ETFs continued to lose AUM while COMEX managed money net long futures positions fell to a five month low previously in August...
I see bullish divergence in Stochastic Index and what I believe to be the same fractal pattern occurring from the last time BTC hit all time highs before going on it's bull run.
Short take profit smacked! Now we are looking for our long entry for the golden bull run. Buying at 54 - 53k now is like buying BTC at 30k back in July.
