Gold should be preparing for its journey up.
It is common to have aggressive cycles out of intermediate cycle lows. This has been severe - showing levels of oversold not seen in a very long time.
Be aware of high volatility on NFP. Take precautions as there can come violent spikes the opposite direction of the trade.
The first confirmation is at 1195 level.That should be taken out with relative ease. The second level is at about 1230. A close above this level gives further trend confidence confirmation as it is 2 gann degrees above current low level.
The arrows are thought of as just a potential path gold might take. I expect it to meet its old resistance friend @ about 1300 level. That is the old "bear market resistance". Partly profits could be adviced to take here as I expect a slight pullback at this level. The second resistance will be at previous high at 1175-level.
I expect a top at about 1450 area.
It is common to have aggressive cycles out of intermediate cycle lows. This has been severe - showing levels of oversold not seen in a very long time.
Be aware of high volatility on NFP. Take precautions as there can come violent spikes the opposite direction of the trade.
The first confirmation is at 1195 level.That should be taken out with relative ease. The second level is at about 1230. A close above this level gives further trend confidence confirmation as it is 2 gann degrees above current low level.
The arrows are thought of as just a potential path gold might take. I expect it to meet its old resistance friend @ about 1300 level. That is the old "bear market resistance". Partly profits could be adviced to take here as I expect a slight pullback at this level. The second resistance will be at previous high at 1175-level.
I expect a top at about 1450 area.