Gold has started a sharp drop as it was expected. Now the question is how far? Now gold moves up and down with market. In normal situation and inflation gold goes up as market goes down but in this black swan gold drops as market drops. There is a huge chance of another market crash, S&P500 was out of track yesterday. New the trade war is getting start again...
We expect gold settle around $1678 today or tomorrow. Daily trend is bearish. Oil is going up signalling less uncertainty, most of markets are around 1% up, S&P500 future is also up, so we expect when US market opens investors shift from gold to higher return stocks. There is very strong support at $1700. If this breaks today then we should expect even lower price...
It seems market is looking at oil price. I expect oil price goes more down which will effect the gold price in next week. Gold has reached its max so we also expect a little drop in price. We also can take a look at S&P, it is close to break its support level. We need one more negative news to break the support level in energy market which will lead to another...
I think market will go down on Monday although 1% up on Friday was not a big deal comparing to the last week. I picked several major DOW JONES companies: BOEING, JPM, WALT DISNEY, PROCTER & GAMBLE, TRAVELERS. It seems they already started falling or they are on the edge of cliff. For example PG which usually have very sharp drops already started falling down (I...
It seems we are going to see another market sell off because negative oil price. Investors are panicking like before trying to cash everything including gold. So I guess the gold will drop around $1600. I will go long around this target. Both fundamental and technical support $1600 gold price in short and $3000 in long. Good Luck!