GOLD: High-Top Consolidative Pattern Confirmed
Updated
Hello traders,
Gold certainly has been shocking to trade for the last while in that, for now, unlimited stimulus, US riots and a deteriorating DXY has been unable to push the yellow metal higher. This will change by the Fall of this year, however, Gold/Silver will be under fierce pressure in June, July and part of August.
Unfortunately, today essentially confirmed that we are undergoing a high-level topping and consolidative pattern where we will likely remain range-bound between 1680-1740ish in the near-term, however, Gold has a high chance to test 1600 by/before early July, and likely even test 1500-1550 sometime before early August. This will only be exacerbated by a false "economic recovery" and "yields rising".
Traders should be reducing metal exposure in the near-terms on days of strength (not weakness) as there will be bounces undoubtedly.
However, the miners will have a significantly better buying opportunity sometime in mid to late August.
PS: My chart shows a likely re-test of 1600, however, it could fall lower as noted above. Note that Gold/Silver will likely bottom near when the SPX likely tops out at new record highs, which will likely be sometime in August or September.
--
To follow my daily analysis on Discord, please add me at: zSplit#9971. Thank you!
- zSplit
Gold certainly has been shocking to trade for the last while in that, for now, unlimited stimulus, US riots and a deteriorating DXY has been unable to push the yellow metal higher. This will change by the Fall of this year, however, Gold/Silver will be under fierce pressure in June, July and part of August.
Unfortunately, today essentially confirmed that we are undergoing a high-level topping and consolidative pattern where we will likely remain range-bound between 1680-1740ish in the near-term, however, Gold has a high chance to test 1600 by/before early July, and likely even test 1500-1550 sometime before early August. This will only be exacerbated by a false "economic recovery" and "yields rising".
Traders should be reducing metal exposure in the near-terms on days of strength (not weakness) as there will be bounces undoubtedly.
However, the miners will have a significantly better buying opportunity sometime in mid to late August.
PS: My chart shows a likely re-test of 1600, however, it could fall lower as noted above. Note that Gold/Silver will likely bottom near when the SPX likely tops out at new record highs, which will likely be sometime in August or September.
--
To follow my daily analysis on Discord, please add me at: zSplit#9971. Thank you!
- zSplit
Note
For those who want to follow my daily analysis on Discord, please add me at zSplit#9971 and send me a PM!Thanks as always for your support.
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