Gold- I don't believe we'll have much of a correction now
Updated
I've read a lot of analysis on Gold, and the vast majority are predicting a drop to 1830 support before a new leg up. I don't share this opinion and I believe Gold will shoot up without much of o correction.
From a technical point of view, Gold has broken above this important confluence resistance at 1830 and marked an intraday high near 1870.
Friday's price action is concludent in my opinion with an intraday correction very well supported by bulls and a strong reversal from 1845 and finishing the day strongly up.
I expect a break above 1870 in the coming days and, as I've mentioned in my previous analyzes, 1900 is my target.
Gold under 1845 is bearish and will signal 1870 as a local top
From a technical point of view, Gold has broken above this important confluence resistance at 1830 and marked an intraday high near 1870.
Friday's price action is concludent in my opinion with an intraday correction very well supported by bulls and a strong reversal from 1845 and finishing the day strongly up.
I expect a break above 1870 in the coming days and, as I've mentioned in my previous analyzes, 1900 is my target.
Gold under 1845 is bearish and will signal 1870 as a local top
Note
Gold has recovered intraday losses and is trading close to opening price.This is a bullish sign in my book and if/when it will break above recent 1868 high i expect acceleration and reaching of my 1900 target
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