Gold tends to perform as history repeats.
Thus I am comparing the current trend with that in Feb-Oct 2016.
Very similarly, during these two periods, both were rejected from its respected trendline three times and pulsed from key support four times.
After this, in 2016, trendline was broken until it reached 1.618 target.
From there, around 3 months consolation, followed by sharp decline.
I expect this time Gold will behave the same manner.
The trendline will be broken and price eventually will touch 2564-2569. After that, there will be a few months consolation and with clear pattern, price will be pushed toward 2200 at minimum.
So next week for me, short should not be held long while we should witness price going up from next Wednesday.
We shall be content for whatever was given to us.
Thus I am comparing the current trend with that in Feb-Oct 2016.
Very similarly, during these two periods, both were rejected from its respected trendline three times and pulsed from key support four times.
After this, in 2016, trendline was broken until it reached 1.618 target.
From there, around 3 months consolation, followed by sharp decline.
I expect this time Gold will behave the same manner.
The trendline will be broken and price eventually will touch 2564-2569. After that, there will be a few months consolation and with clear pattern, price will be pushed toward 2200 at minimum.
So next week for me, short should not be held long while we should witness price going up from next Wednesday.
We shall be content for whatever was given to us.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.