Update to my previous idea - gold has been crawling up slowly currently looks like its correcting here for another leg up. However, with it being Friday I wouldn't be surprised if we see a sudden move in either direction. Any dip towards the 1920 - 1930 area could be a good opportunity for some buys - I also like to use the xau/xag correlation to better time my entries.
Silver has closed and has been trading above the 25.0 handle for a few days now - any dip towards this area could suggest a decent dip buying opportunity on gold. If however we close below 25.0 firmly on silver then we can expect more downside on gold and metals.
I still expect some upside but overall bearish in the medium-long term - I have replicated the movement from the sell off in June/July 2021 and I wonder how far gold can correct before another drop; I wouldn't be surprised to see some continued upside as we go into the US session to end the week and it will be interesting to see how this weekly candle closes - we could see some retracement of the sudden moves seen on Monday/Tuesday. It looks like a lot of gold bears took some profits/ exited some shorts around the 1900 handle and I don't see any substantial more sellers entering the market on a Friday (without some sort of news catalyst).
It would be smart to take an early weekend and see what happens!
Silver has closed and has been trading above the 25.0 handle for a few days now - any dip towards this area could suggest a decent dip buying opportunity on gold. If however we close below 25.0 firmly on silver then we can expect more downside on gold and metals.
I still expect some upside but overall bearish in the medium-long term - I have replicated the movement from the sell off in June/July 2021 and I wonder how far gold can correct before another drop; I wouldn't be surprised to see some continued upside as we go into the US session to end the week and it will be interesting to see how this weekly candle closes - we could see some retracement of the sudden moves seen on Monday/Tuesday. It looks like a lot of gold bears took some profits/ exited some shorts around the 1900 handle and I don't see any substantial more sellers entering the market on a Friday (without some sort of news catalyst).
It would be smart to take an early weekend and see what happens!
