FX:XAUUSD   Gold Spot / U.S. Dollar
Hey guys,

Watch out for Gold to break out on either side. There are 3 possible scenarios I see with GOLD .

1) Reversal from the current point
2) Touches previous high and dives
3) Makes higher high and breaks out of the structure

Probably 2 sell and 1 buy opportunity coming soon.

Good luck!
Comment:
Comment: Set your new targets to BUY gold.

Short term Target 1800 (1 week)
Medium-term Target 1850 (1-2 Weeks)
Long term Target 1950-2000 (3-6 weeks)

Gold luck!

Comments

I went with buy. I have cash out big time.
+1 Reply
@thembah, Good if you did take profit
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I feel sorry for you
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Will gold sell to down???
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@Sygme6, Anything can happen in Forex Market. However current trend is very strong and could potentially take us to 1800. On the downside chances are very unlikely but will see if we have good price action next week
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Scenario 3 in short/medium term
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@sebcoman, Potentially 2 scenarios are left to consider. Considering Bullish move up looks likely however chances for dive are still open with high risk involved.
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sebcoman HumairDawood
@HumairDawood, maybe within 1mth there's another slight correction, but not out longer than that. But scenarios 1&2 don't fit into macro environment +2/3mths from now. In this depression we're in, there's 4 D's: Deflation, Dollar strength, Demographics and Debt. It's like the 1930s

This is a perfect setup for Gold.
+1 Reply
@sebcoman, Agreed it looks like it may give us opportunity to buy later.
Reply
sebcoman HumairDawood
@HumairDawood, yes, should do. top end of its range today. sell some. wait for a correction to buy more.
+1 Reply
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