XAUUSD: The bottom in gold is near
Updated
We might get some more downside next week, but I think we'll see a sizeable bottom in gold very soon. Only a matter of days.
If you want to go long, wait for prices under 1200, I think this would be enough to wipe out all bulls and hit a sentiment extreme, causing a bottom. I expect commercial hedgers to go flat, or net long again when this happens as well. That would be a great confirmation for the long.
Risk can be a drop under 1117.87 in the monthly, but we can get tighter stops from daily charts once we have the right price action to enter.
Good luck, be careful, I'd rather not buy gold yet.
Cheers,
Ivan Labrie.
If you want to go long, wait for prices under 1200, I think this would be enough to wipe out all bulls and hit a sentiment extreme, causing a bottom. I expect commercial hedgers to go flat, or net long again when this happens as well. That would be a great confirmation for the long.
Risk can be a drop under 1117.87 in the monthly, but we can get tighter stops from daily charts once we have the right price action to enter.
Good luck, be careful, I'd rather not buy gold yet.
Cheers,
Ivan Labrie.
Note
Watching this one, I don't quite buy it that this is the bottom...I'll keep close watch of price action.Note
This zone is critical, staying here or a tad higher in the coming months will be constructive for the potential long term advance in gold.
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