ridethepig | Gold Market Commentary 2020.01.06
Updated
A very good time to update the Gold chart after a huge gap up for the open forr the first swing target. Sadly no surprises via risk ticking higher and providing the catalyst in completing these flows:
In my books, markets are happy to continue trading the same USD devaluation flows which will keep Gold supported via reflationary hedges even if (highly unlikely) risk passes away in the immediate term. This will keep Gold supported and allow the climb towards 1700 to continue after some minor profit taking at the 61.8.
For those following the strategy we covered previously, you will know the breakout has been flawless ever since finding key support at the 1440x lows:
With Santanomics in full swing and reflationary risks around the corner I stick to my average forecast of $1650 and expect Gold to hit $1595, $1650 and $1800 on a 6, 12 and 24m basis. This is my final technical target in the 5 wave swing, afterwards I will expect Gold to enter in consolidation via profit taking.
Tracking the relative breakout vs SPX closely:
Lastly on the mining side:
Thanks for keeping the support coming with likes, comments, charts and etc. And as usual the comments are open for all.
In my books, markets are happy to continue trading the same USD devaluation flows which will keep Gold supported via reflationary hedges even if (highly unlikely) risk passes away in the immediate term. This will keep Gold supported and allow the climb towards 1700 to continue after some minor profit taking at the 61.8.
For those following the strategy we covered previously, you will know the breakout has been flawless ever since finding key support at the 1440x lows:
With Santanomics in full swing and reflationary risks around the corner I stick to my average forecast of $1650 and expect Gold to hit $1595, $1650 and $1800 on a 6, 12 and 24m basis. This is my final technical target in the 5 wave swing, afterwards I will expect Gold to enter in consolidation via profit taking.
Tracking the relative breakout vs SPX closely:
Lastly on the mining side:
Thanks for keeping the support coming with likes, comments, charts and etc. And as usual the comments are open for all.
Trade active
Trade active
1680 hit!Trade closed: target reached
Related publications
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.