Gold FuturesShort
Gold Reached a Temporary High - Sub $1900 on the Horizon
Back on June 29, we highlighted how Gold was poised to rally to $1975 and possibly $2000.
Earlier this week, Gold reached $2010 and is now poised to dump below $1900.
It appears this week's high was wave ((x)) of a double zigzag. That means wave ((y)) will unfold to the downside reaching $1850-$1880 and possibly $1750-$1780.
Though we are halfway through this quarter, I suspect this will be a multi-month decline that could bottom out in Q4 2023. The price levels are more important to determine the bottom than the timing window.
Earlier this week, Gold reached $2010 and is now poised to dump below $1900.
It appears this week's high was wave ((x)) of a double zigzag. That means wave ((y)) will unfold to the downside reaching $1850-$1880 and possibly $1750-$1780.
Though we are halfway through this quarter, I suspect this will be a multi-month decline that could bottom out in Q4 2023. The price levels are more important to determine the bottom than the timing window.
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