Long Term Outlook of Gold | 1400/1440 ---> 1600
My Hypothesis of it going down to 1400/1440 is because of my Gap Fill Hypothesis and COT was net short at -324k = It's the 2nd most net short position... they ever had!. Now it's 323k because they net longed about 1k at 1546, which caused the gold prices to drop. Commercials think the price is overvalued.
COT: Commercials are starting to Net Long and Funds are starting to net short.
Accumulation/Distribution: Pointing to the down.
MACD: About to Confirm for a Sell Signal.
%R: Overbought & Pointing Down.
MFL: Overbought & Pointing Down.
This is on the daily chart.
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I believe that we will bounce at 1400 or 1440 in Futures when Gold is able to find buyers to go up to 1600... I'm long term bullish due to economics concerns and uncertainty but Short term wise, I'm bearish.
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Long Entry: 1400
Stop Loss: 1380
TP #1: 1440-1480
TP #2: 1500-1600
Make your own decision, DetectivePikachu is not responsible for your losses.
COT: Commercials are starting to Net Long and Funds are starting to net short.
Accumulation/Distribution: Pointing to the down.
MACD: About to Confirm for a Sell Signal.
%R: Overbought & Pointing Down.
MFL: Overbought & Pointing Down.
This is on the daily chart.
-
I believe that we will bounce at 1400 or 1440 in Futures when Gold is able to find buyers to go up to 1600... I'm long term bullish due to economics concerns and uncertainty but Short term wise, I'm bearish.
~
Long Entry: 1400
Stop Loss: 1380
TP #1: 1440-1480
TP #2: 1500-1600
Make your own decision, DetectivePikachu is not responsible for your losses.
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