THURSDAY’S REVERSAL Trump’s 9:35 AM tweet regarding China stopped gold in its tracks on Thursday exactly on the cycle trendline. Gold topped instan
THURSDAY’S REVERSAL
Trump’s 9:35 AM tweet regarding China stopped gold in its tracks on Thursday exactly on the cycle trendline. Gold topped instantly at $1491.60 and reversed sharply. Closing beneath the dashed help line within the coming days would set up a breakdown and promote a decline to $1410 – $1420 by Christmas.
THE 28-DAY CYCLE
The near-term gold cycle has been stair-stepping between highs and lows each 27 to 30-trading days. Thursday’s reversal occurred on the 28th day and helps an interim high at $1491.60. A breakdown beneath $1462 would set up the following leg decrease, recommending a backside and subsequent shopping for alternative between the 20th and 26th of December.
I’m bullish on gold, however the correction appears incomplete. Breaking to contemporary lows in December would give commercials a chance to rebalance their quick positions, which have remained close to report ranges.
Longer-term, I imagine gold is beginning a brand new bull market, and any dip from right here must be thought-about a shopping for alternative.
AG Thorson is a registered CMT and skilled in technical evaluation. He believes we’re within the last levels of a world debt super-cycle. For extra data, please go to https://goldpredict.com/