Gold - One Last Push to $6k
REASONS TO BE BULLISH
REASONS TO BE CAUTIOUS
- Above the 100 week SMA and climbing - providing support at $1,800
- About to break the cup and handle pattern to the upside
- RSI is in the bull zone and has reset. Looking healthy, providing space to the upside for further growth.
- ADX reset after Sept 2020 and bullish momentum creeping up once more
- Repeating the same double-trouble pattern we witnessed during the 70s into the 80s - just on an extended timeline
- Looking very much like the first half of 1978
- Upside target later this decade will be $5-6k - followed by a long long bear market
REASONS TO BE CAUTIOUS
- Already towards the top of the exponential channel - without all that much juice left to squeeze
- Painting lower highs on the RSI - not a big deal but something to keep an eye on
- Drop below $1,800 and the bull market is over - this would present a double-top and a clear invalidation of trend
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