Mid-Term Outlook
Updated
Obviously the market is pricing in the new expectations and will probably see some more selling pressure in the near term. However, I think we will see some buying pressure at key levels since it's attractive for many institutions at this price.
The long term price target remains high but maybe it's gonna take a bit longer t get there.
I see this recent selloff a bit overextended, and although DXY is strong and will probably keep rising a bit more, I think it is pretty limited at these levels.
Obviously, any surprise can change any of this, but I am confident we won't see gold fall down so easily.
Near term, 2005 & 2015 can be nice levels for scaling out of profit and maybe hedge with some short positions. This way it will be easier to handle volatility and layer positions at future swing lows.
The long term price target remains high but maybe it's gonna take a bit longer t get there.
I see this recent selloff a bit overextended, and although DXY is strong and will probably keep rising a bit more, I think it is pretty limited at these levels.
Obviously, any surprise can change any of this, but I am confident we won't see gold fall down so easily.
Near term, 2005 & 2015 can be nice levels for scaling out of profit and maybe hedge with some short positions. This way it will be easier to handle volatility and layer positions at future swing lows.
Trade closed: target reached
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