This is not Over (for the Bullz)

This is not over for the bulls.
Another (last) restest of 1.676$ level this past week. The one that acts as a yearly support from 2012.
I was expecting a move like that later this year from a higher level and with a lower pace, just to fill the gap from July. But it did happen now. Period. And of course, I was not thinking it could come down as it did. But it happens.

Any of this changes my weekly view: Gold needs to stay weekly over 1860$ even for a bearish scenario (new lows). And this still has to happen in weeks ahead....
If this level (1676$) is broken...hell awaits. But I don`t think it will happen, for many reasons. Some has to do with miners, other with gold price action, or behaviour concerning past patterns, and montly and weekly moves.

In conclusion:

1) If gold continues higher till the level the chart shows, and holds....Which means, fall for some months but "softly" and keeps inside the range more or less in the area shown in the drawing, get ready because we are probably in another multimonth uptrend that could last until 2024-2025 and with a final target between 2600$-3000$

2) If gold fails to get that high or doesn't hold there, well, it could fall sharply again to new lows.

But for me, scenario number 1 is the what I expect.

So this is not over yet (for the bulls). We can still hold on.

Leon Benavente - Aun no ha salido el sol.
www.youtube.com/watch?v=rDnJ1ufw...

Salud, que es lo que importa.

Comment:

Comment:

Today there is a high probability that weekly and daily had bottom. That also means that monthly will avoid more bearishness, but it will take months to confirm a change to bullish. But I believe it is also the case. Maybe beginning next year I will see confirmation. But before, we will see weekly bullishness.
As things are now, from my analysis, gold should move up to the 1920-1950 area again (the less)...and consolidate there, with falling also, for weeks.
This is a very important bottom IN THE SECTOR. MIners alreay did. Now gold does. So many months of better prices ahead. Many, many months. But with up and downs.

Comment:

The idea remains the same, but timing is now diferent because the lows are from this past week. So at least 8 to 10 weeks of delay. That takes the target are to next year. When the leg up begins to walk, we´ll have more clues.

Comment:

This WEEK sector has BOTTONED. Very important low. Which means, new ALL TIME HIGHT from here. IT wont be easy road. Never is. BUT main trend will little by little show.
IN OTHER WORDS...forget 160X, 1500, 1400, 1300, 1100. Never is a huge word. But close to never as you wish to be close to it.
And Invest in Miners.

Comment:

Today confirmed new leg up on the daily. Too intense. Means it should calm for a few days, and then resume the move up.