Is Gold getting ready for one last push higher ? Well in my opinion I think that if it respects the support levels down around 1298-1304 and the Channel support line as well.We could a strong push higher from that 61.8% level which means that the only obstacle in its way would be the T.L resistance from July 11th.Once that clears out.I expect a retest of 1374 area and then a correction lower which should follow up with a move leading Gold to new highs of 2016 (1400-1424)
Keep in mind with NFP scheduled on Friday.We could see just as easily see Gold violate and close below that 61.8% mark and the Channel support just as easily it could bounce on bad data prints.YES !! the alternate scenario changes everything which would be the start of a bearish run.
For now I stick to the idea of being long because we have enough reasons to be long on this especially if the bullish breakout presents the opportunity
Keep in mind with NFP scheduled on Friday.We could see just as easily see Gold violate and close below that 61.8% mark and the Channel support just as easily it could bounce on bad data prints.YES !! the alternate scenario changes everything which would be the start of a bearish run.
For now I stick to the idea of being long because we have enough reasons to be long on this especially if the bullish breakout presents the opportunity