Gold- Correction could follow
Updated
If you've read my analyzes in the past month, you know that I've been strongly bearish on Gold since it has broken under the 1800 figure, and my only recommendation was to sell rallies.
However, now the price is approaching very important support and a correction could follow.
In the short term, buying in this support, although highly speculative, can be a good idea with a great R: R if we target 1725 resistance.
Long-term bulls, though, should keep 3 things in mind:
1. The long-term ascending trend line is broken to the downside
2. The drop from above 2k is in 5 waves ( impulsive)
3. A break under 1680 support would put a large double top in play
Best of luck!
Mihai Iacob
However, now the price is approaching very important support and a correction could follow.
In the short term, buying in this support, although highly speculative, can be a good idea with a great R: R if we target 1725 resistance.
Long-term bulls, though, should keep 3 things in mind:
1. The long-term ascending trend line is broken to the downside
2. The drop from above 2k is in 5 waves ( impulsive)
3. A break under 1680 support would put a large double top in play
Best of luck!
Mihai Iacob
Note
320 pips rise since my predicted 1680 bottom and reversal
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