Gold is likely to find strong resistance at $1520-$1533, if it doesnt break through we would anticipate the resistance at $1366 area would become support for the next move higher.
The head and shoulders pattern we saw a few months ago, also appears to be near completion which is why we anticipate the Gold price not to go much higher under it has consolidated...
Expect the gold/silver ratio to leap higher as silver underperforms Gold. Gold will rally but silver will remain muted, at least for a while. Then as the Gold/Silver ratio hits resistance at around 100 a clear buying opportunity for silver will emerge. Gold should rally as the Gold/Silver ratio collapses and therefore Silver is a screaming buy at these levels....
Silver in the world currency unit is about to break out, or break down again. Based on current bias in the Gold market I would anticipate it breaking higher. Gold/Silver ratio has broken out vertically. Only a matter of time till that reverses along with a bull run.
The dow bull market is over, the coming recession will cause the initial dip in the Dow which will correspond nicely with the upward lower bound trend and fibonacci retracement of around 22000. Then I'd expect a lower target of around the 50% retracement level of 16000 which will be at the height of the next US recession.
However since 2009 and before you can see that in all major currencies gold has acted as a protection hedge against inflation and depreciation of these currencies. Definetely not a short term trade but one for the long haul and from the charts it is clear, the blow off top has not occurred yet.
Clear head and shoulders pattern indicating to me that the gold price will head lower with a target of $1225/oz which corresponds nicely with the medium term support line. Then onwards and upwards from there later in the year.
The current bull run in the dollar could be coming to an end by the latest 2021. By thenwe should see a strong reversal in the DXY as the Fed likely eases to avoid the coming forecast recession. Prepare accordingly by amassing hard assets such as gold, silver and other commodities.
Platinum to Palladium ratio at historical low inside a descending terminal wedge. Key signal that higher Platinum and lower Palladium prices are due in the next phase of the move.
Long Platinum and Short Palladium here.
Gold at a cross road again.
To break up higher from hear would signal a re-emergence of the upward short term trend and signal another attempt about the horizontal resistance area of 1350-1380.
A failed move higher would signal lower prices for 2019.