After my last analysis on gold, it has retraced back up to the 50% level around 1750, which incidentally is the bottom held in June 2021.
I am predicting gold will starting its drop on Aug 13 or Aug 16 towards the 1600 level |(resistance level back in Feb 2020). I think this drop will be quite swift as the last one.
I am predicting gold will starting its drop on Aug 13 or Aug 16 towards the 1600 level |(resistance level back in Feb 2020). I think this drop will be quite swift as the last one.
Commentaire:
Gold just touched 1780 which is the 33% retracement of the downrange.
33% and 50% retracement are gold's habitual retracement level.
on the daily chart and weekly, gold is still in downtrend.
33% and 50% retracement are gold's habitual retracement level.
on the daily chart and weekly, gold is still in downtrend.
Think again, what's the value of gold based on ? Sentiments !!! and also they think it hedges against inflation . Well, inflation is truly here but it's not a problem. Central banks are printing money to provide liquidity and this aint going to be a problem.
They dont use gold much for industrial use.
Looking at GDC and GDXJ both are looking weak and all on downtrend.
The charts tell you all the stories.. past, present and future.