gold_gary

Gold New Highs by Mid-September

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold is difficult to forecast now, it is at a pivotal point where indicators suggest it could breakdown or breakup. I think it will breakup soon due to fundamental reasons and patterns in the stoch RSI and MACD. By looking at numerous cycles and past price action, I would expect new highs by mid-Sept. I think we have strong support around 1890-1900, I can see retesting this level but a break below would surprise me. Nothing is certain, but that's my forecast.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.