Gold: no support for a while. Poor goldbugs...
1379 was the price to beat to be able to say "ok we are in disbelief, gold bear market is over".
Seems like it is not over yet.
If this line does not hold, it will probably go 1122:
The worthless shiny metal that produces nothing and casual "investors" love so much has been dropping for months now.
If it forms a higher low than 1122 then maybe there is hope, otherwise that will be the support, I probably go long there if I see signs of a bottom.
Unless we get signs of a bottom soon at the ~1185 level. Still waiting for that...
Then after that we won't be far from the all time low since gold bubble at $1050.
If Gold goes below $1000, that will be a harsh lesson for all goldbugs.
Very high selling at 1150 or 1050, going (only) slightly below support, and then bouncing hard, could mean the bear market is ending also, this is how bull markets often, start.
So in any case, if we go visit these supports, I think there is a really high chance the long accumulation phase is over.
Seems like it is not over yet.
If this line does not hold, it will probably go 1122:
The worthless shiny metal that produces nothing and casual "investors" love so much has been dropping for months now.
If it forms a higher low than 1122 then maybe there is hope, otherwise that will be the support, I probably go long there if I see signs of a bottom.
Unless we get signs of a bottom soon at the ~1185 level. Still waiting for that...
Then after that we won't be far from the all time low since gold bubble at $1050.
If Gold goes below $1000, that will be a harsh lesson for all goldbugs.
Very high selling at 1150 or 1050, going (only) slightly below support, and then bouncing hard, could mean the bear market is ending also, this is how bull markets often, start.
So in any case, if we go visit these supports, I think there is a really high chance the long accumulation phase is over.
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