Monthly Long term forecast on GOLD !!
Good day Traders !!
Monthly : We have just Completed an "M" formation and we already started the new impulse to the downside. We expect the price to continue dropping. and we expect this impulse to be at least equal or more strong than the previous impulse. The corrective move tested all the levels of the FIB retracement and we started the new impulse after we broke below the historical support 1760 which is the neckline of the M formation. After the retest the price should drop up to the next demand zone.
From an institutional perspective we have on Gold a massive drop of the Net position since we went from 280,000 Net position back in early January until 190,000 on the last report that was posted last Friday.
Also during the last four report institutions have added a lot of short position and closed close to 50,000 Long position. This is a sign of the very bearish move that is expected.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
Monthly : We have just Completed an "M" formation and we already started the new impulse to the downside. We expect the price to continue dropping. and we expect this impulse to be at least equal or more strong than the previous impulse. The corrective move tested all the levels of the FIB retracement and we started the new impulse after we broke below the historical support 1760 which is the neckline of the M formation. After the retest the price should drop up to the next demand zone.
From an institutional perspective we have on Gold a massive drop of the Net position since we went from 280,000 Net position back in early January until 190,000 on the last report that was posted last Friday.
Also during the last four report institutions have added a lot of short position and closed close to 50,000 Long position. This is a sign of the very bearish move that is expected.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
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