Let's take a macro view at the gold market and points of consideration when forecasting for Q4. As we approach the end of this month, today being the last day, we also approach the end of Q3. When considering the previous monthly and especially quarterly candles, it is not strange at all for these candles to make upper wicks before carrying on bearish, these upper wicks are simply liquidity grabs to add sells at better prices, since profit occurring does occur at the end of each month. We could see a liquidity grab up to as high as 1760, the end and start of each quarter are important in terms of bank processing, so expect a short term bullish move, before bearish order flow and sells begin to carry on taking gold lower. 1680 is the bank zone however we will break through this as the dollar continues to rally and the FED begins to taper, my long term target within the next 6 months is the 1500 zone, this being psychological support, before we get a choppy sideways market.
I welcome questions
I welcome questions