Gold seems to be busting out of the wedge towards its next stop of $1800. I think we might get above there to see a new range of $1800-1900 assuming we hold an inverse correlation to the macro. In 2009 and forward moving out of the financial debacle you saw GOLD recover faster and harder with inverse correlation. At the moment the economy slowed down, Gold did too. What we want to see is a true inverse correlation, I thought it would be too soon, but the chart maybe telling us different. Being conservative I would put a trade on after confirming $1750 on the daily.
Commentaire:
I would consider this a failed break out. Lots of weird stuff going on in the markets right now.