Tag: Gold Price Targets

February scored the first point in favor of the bulls breaking the downtrend. Usually, when we get something that we want, after moments of winning euphoria, we start to feel sad about further uncertainty – what is next? To avoid that feeling we should work out a new plan like the one that I prepared for you below.

Chart 1. Gold Monthly: Gold Bugs, How Deep Is Your Love?

Chart courtesy of tradingview.com

Speaking globally, the sad thing for the bulls is that we can’t be sure of the Big Bull Run until the price is below the previous high at $1920. I can add more points saying that there is still a chance of a complex correction, which can last longer, much longer. Gold was in an uptrend for 12 years and the current correction took only 4.5 years. Therefore, the probability of its prolongation is high as the correction might last longer the than major trends. It is human nature when we have a clear idea to act decisively and swiftly (trends), but once we fall into a thoughtful mood reflecting of further plans we are losing/taking our time to think everything thoroughly (corrections). Continue reading "Gold Update: Bulls Finally Took The Ball" →

It's been awhile since I posted my last gold update in October. I haven't written about gold because everything was going by the plan: gold fell right after the post and even hit a new low making bears happy. I expected to wait for the week of the 29th of February as it was my time target in that update. But gold's price overshot the recent high which was the starting point for the last drop towards the new bottom invalidating the experiment.

Below is the chart from my earlier gold post to refresh your memory. I added blue call-outs with some new comments to show where it went wrong.

Chart 1: Updated Experimental Gold Chart

Chart courtesy of tradingview.com

I shadowed the part of the chart before the post date (October 22nd) to highlight the progress of the price. Gold quickly plunged down from the post date. It went all the way down with the largest drop in November and hit a new multi-year low at the $1046 level at the end. Continue reading "Gold Update: Unstoppable?" →

One of our regular readers was among the few who openly rejected the idea of Gold’s reversal to the upside, he sees a lower bottom for the metal.

So let’s see why I changed my mind and now think that we are not going to rocket higher soon. Below is my previous post’s daily chart. I've added remarks to the chart to show what went wrong.

Gold Daily: Post-Mortem

Chart courtesy of tradingview.com

I supposed that after we received the first bull confirmation of higher lows, we can fly higher at a distance of the 1.618 Fibonacci ratio in the green CD segment. One can notice that we hit a new high last Thursday around the $1192 level. So why should we cancel the bullish scenario now? Continue reading "Gold Update: Space Mission Aborted, Rescue Landing Is Ahead" →