Gold have been on a very bullish uptrend peaking on Early August, we have since see price retraced towards the 1850-1890 area. With the increased interest in safe haven assets, Gold is something to lookout for as we head towards US Presidential Election(PE).
Putting the PE aside, I prefer to see price spike lower towards 1750-1800 levels to take out the longs who have been hoping price to return back to August Peak (207x) and with this spike, their stops will be triggered before resuming the upward trend again.
However, the possibility of a double top cannot not be underestimated as we know the volatility PE can create as since from the last 2016 PE.
Putting the PE aside, I prefer to see price spike lower towards 1750-1800 levels to take out the longs who have been hoping price to return back to August Peak (207x) and with this spike, their stops will be triggered before resuming the upward trend again.
However, the possibility of a double top cannot not be underestimated as we know the volatility PE can create as since from the last 2016 PE.