In tandem with our expectations, we saw gold give up some of its gains after an impressive rally last month. Currently, it trades near $1,938 per troy ounce. Although we remain bullish in the long term, we are still unconvinced about a straight path higher in the short term/medium term. In fact, we believe gold has a chance of continuing lower, especially if the...
Gold is approaching the bottom of the monthly Channel Down, in fact it has made a double hit on the 0.236 Fibonacci level. If S1 breaks, wait for a buy at 1,915 (exact Channel bottom) and TP = 1,947.50, but with 4H technicals nearly oversold (RSI = 35.662, MACD = -5.130, ADX = 48.938) and the 1D RSI approaching 40.000, buy now as long as the price stays over S1...
