So! I was wrong. It is hard to be right with gold this days. Gold broke the 1215. Having seen some considerable sideways trading I had thought that we would have one last small dip before going up. The dip was larger then I had thought it would be . Going from 1223 to 1228 and in turn to 1214 in mater of seconds. Now sitting $5 bellow my target bottom. We have now entered the 1209-1210 area and are trading sideways with a downward slant . It seems support for this level is dependant on whom you ask. Is it 1208?,1215 or...? Having broken 1215 with very to no effort but are holding $2 to $3 above the 1208 mark, leads me to believe 1208 is true support .And holding a full $10 above KEY support at 1200.
With the influx of important data we saw today, gold nose dived . Is this the last...im not sure. However for the time being there is no more data to come out with such a big impact.US dollar is weaker as is oil . However as yet there is no real reason for gold to go up. We may see some movement in the oversold areas, as bargain hunters stocking up on "cheap" gold. However with such a volatile market, this is 50\50.
Comparing Dec 2016 to end of January 2017. I see allot of similarities in the way the candles form on the charts .So even thought gold may seem as if it is acting weird...its not. its happened before. However what is a little strange is its resistance to the US dollar. With some counter trending happening .However it is important to note how far down, down was in Dec-Jan compared to where we are now .
As I have said before I see a trend turn happening . Will 1210 hold or will it drop to 1200 ? For this up coming week I think we will see a bounce back to 1220 area . Holding it, with no great ups or downs ( for the next 2-3 days proceeding the weekend at lest ) .
Long term , short of war or some other great event... 1300 is no longer achievable this year ! In fact we may hit pre 2000's levels for gold as financial markets have all but recovered by the end of 2020 . Not to say a hick up or a relapse is not on the cards for the markets .
With the influx of important data we saw today, gold nose dived . Is this the last...im not sure. However for the time being there is no more data to come out with such a big impact.US dollar is weaker as is oil . However as yet there is no real reason for gold to go up. We may see some movement in the oversold areas, as bargain hunters stocking up on "cheap" gold. However with such a volatile market, this is 50\50.
Comparing Dec 2016 to end of January 2017. I see allot of similarities in the way the candles form on the charts .So even thought gold may seem as if it is acting weird...its not. its happened before. However what is a little strange is its resistance to the US dollar. With some counter trending happening .However it is important to note how far down, down was in Dec-Jan compared to where we are now .
As I have said before I see a trend turn happening . Will 1210 hold or will it drop to 1200 ? For this up coming week I think we will see a bounce back to 1220 area . Holding it, with no great ups or downs ( for the next 2-3 days proceeding the weekend at lest ) .
Long term , short of war or some other great event... 1300 is no longer achievable this year ! In fact we may hit pre 2000's levels for gold as financial markets have all but recovered by the end of 2020 . Not to say a hick up or a relapse is not on the cards for the markets .