Gold - where to, further pull-back or resumption of up-trend?
POSSIBLE SCENARIO A
#1 A 10% decline in gold from the recent peak. (completed)
#2 Consolidation around all-time high level - between $1921 to $1950 for 2 to 4 weeks.
#3 Then a 20% to 25% move from all time high level (now support?) to $2300
#4 A significant re-test of the all-time high mid November to early December (could this coincide with deflation in the equities market?)
#5 Then resumption of up-trend early 2021
POSSIBLE SCENARIO B
#1 A 10% decline in gold from the recent peak. (completed)
#2 Consolidation around all-time high level - between $1921 to $1950 for 2 to 4 weeks.
#3 Then a 10% decline to the April to June support zone around $1670
#4 Longer-term consolidation at this level
#1 A 10% decline in gold from the recent peak. (completed)
#2 Consolidation around all-time high level - between $1921 to $1950 for 2 to 4 weeks.
#3 Then a 20% to 25% move from all time high level (now support?) to $2300
#4 A significant re-test of the all-time high mid November to early December (could this coincide with deflation in the equities market?)
#5 Then resumption of up-trend early 2021
POSSIBLE SCENARIO B
#1 A 10% decline in gold from the recent peak. (completed)
#2 Consolidation around all-time high level - between $1921 to $1950 for 2 to 4 weeks.
#3 Then a 10% decline to the April to June support zone around $1670
#4 Longer-term consolidation at this level