Gold is showing some weakness after a very strong performance in the last 2 weeks, matching ATH in (Australian dollar terms) recorded in April - May 2020.
Consolidation is expected next between the trendline and the resistance @ 2735 before the next run through ATH.
With the recent impressive moves in Gold , I was wondering, what's next for the metal? (Considering that I just got past the premium on my recent purchases!)
I simplest way I thought of to predict the next move is to compare it to the last valid Gold bull market from 2008 to 2011, the numbers show that Gold gained approx 179.55% from Oct 2008 lows to ATH on Sep...
With the recent breakdown below short-range $9200, bitcoin is showing weakness and high correlation to the stock market performance.
With this in mind, the medium-term target is possibly hitting as low as $5500 with support at $6500, trade safe!
Gold is still overperforming other currencies YTD against USD
Massive recovery for the Australian Dollar against both Gold and US Dollar in the last 2 weeks, yet it still hasn't outperformed Gold.
