Gold Chart, Looks like elliot wave pattern and some fibs levels
Clearly we are oversold thanks to that big red day, however we could have some more downwards movement IF there is not significant factor bringing in buyers to gold. Hopefully alot of people took the day off friday and that indian holiday left alot of swiss cheese holes in the market.
Technical Stuff:
Fib retracement shows our first target of 1199.8 .. I would love for gold to get back above 1200$/OZ this week. Silver showed some signs of strength towards EOD as the dust settled and people realized that these are precious metals that have some value. The reason for the gold drop was due to the possibility of interest rate increases and the good jobs report and a lot of stops being taken out in one swift movement. Now back to the chart which is pretty self explanatory, I don't think anyone can guess where gold will go since we all think its being manipulated and the fact that is basically broke all supports in one day. I am not bearish on Gold until I can see some price action, I do not want to believe Gold took this big of a hit for the smallest reasons and that is why I believe it was manipulated, the market goes down and so does gold? That does not usually work that way however my personal main target is 1200/oz and then 1220/1225-1230.
All IMO and I will probably be wrong with everything that I said; I just do not want to believe it will go down further because I got stuck in a gold position. I am biased so just look at my chart for more sides to the picture.
Technical Stuff:
Fib retracement shows our first target of 1199.8 .. I would love for gold to get back above 1200$/OZ this week. Silver showed some signs of strength towards EOD as the dust settled and people realized that these are precious metals that have some value. The reason for the gold drop was due to the possibility of interest rate increases and the good jobs report and a lot of stops being taken out in one swift movement. Now back to the chart which is pretty self explanatory, I don't think anyone can guess where gold will go since we all think its being manipulated and the fact that is basically broke all supports in one day. I am not bearish on Gold until I can see some price action, I do not want to believe Gold took this big of a hit for the smallest reasons and that is why I believe it was manipulated, the market goes down and so does gold? That does not usually work that way however my personal main target is 1200/oz and then 1220/1225-1230.
All IMO and I will probably be wrong with everything that I said; I just do not want to believe it will go down further because I got stuck in a gold position. I am biased so just look at my chart for more sides to the picture.