Gold continues in a narrowly defined range between 1705 and 1735 awaiting the next move, which we believe will be to the upside.
Gold continues to oscillate in a tight range as this shallow correction continues to unfold. Strong support at 1705 and overhead resistance currently at 1737, the upper boundary of the triangle.
Not a lot to add from yesterday, prices remain in a tight band with good support at 1705 and overhead reistance around 1740.
We still expect a resolution to the upside from this correction.
The correction in gold continues to unfold and we watch for confirmation that it has completed.
The market bounced strongly off the lows on friday and this area around 1705 is forming a base of support. Today's video looks at three outcomes for this correction and comments on our postion in the market.
The correction in gold has morphed into what appears to be a "triangle" correction, which should resolve to the upside soon.
It is possible that the correction will continue to trace out a standard ABC correction and move lower, we have moved our stop up tight to reduce our downside risk should this unfold.
Today's video looks at some interesting Fib patterns that have developed over the past couple of days and looks at support and resistance for this rally.
We remain long and expect to see new rally highs in the next day or two, as this "mini correction" seems to be over, though we remain cautious and mindful of further sell offs.
After an impressive reversal from 1710 yesterday, we consider there is a high likelihood that the correction was a shallow one and is over.
This reflects the undelying strength in the gold market and consequently we are long from 1730. Today's video sets out our reasons for this stance, stop loss levels and potential targets.
Gold looks to have more downside and today's video highlights our targets for this Wave 2 correction, based on where we believe we are in the cycle and previous corrections.
After hitting our 1760 target for this rally on Friday, gold has sold off as predicted and is currently in a corrective Wave 2.
Today's video for subscribers looks at why we believe Wave 2 has started and our targets for this correction.
We will look to re-enter our long position at the appropriate time.
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