Gold: Goldfinger
“Do you expect me to talk?”
“No, Mr. Bond, I expect you to die!”
Quite like 007, the gold market seems to ask us: “Do you expect me to fall?”, but other than the villain Goldfinger, we don’t want to object. We answer: “Yes, indeed, we expect you to fall!”
The possibility that the gold price could rise up into the blue zone between $1816 and $1865 again is not yet ruled out completely. However, as its downward movement suggest as much, we primarily see the gold price heading further down to the support at $1753. Once it is there, we can disregard extensive countermovement and the price should descend further below $1721 and $1673.
However, 007 wouldn’t be 007, if he didn’t have an ace up his sleeve to surprise his audience. Similarly, the gold market could still enact our alternative scenario. As long as it is not yet safely below $1753, there is a 35% chance that the price could rise above the blue zone between $1816 and $1865 and break through the resistance at $1879. If it can keep this trend up, the price should even reach $1919 and $1966.
“No, Mr. Bond, I expect you to die!”
Quite like 007, the gold market seems to ask us: “Do you expect me to fall?”, but other than the villain Goldfinger, we don’t want to object. We answer: “Yes, indeed, we expect you to fall!”
The possibility that the gold price could rise up into the blue zone between $1816 and $1865 again is not yet ruled out completely. However, as its downward movement suggest as much, we primarily see the gold price heading further down to the support at $1753. Once it is there, we can disregard extensive countermovement and the price should descend further below $1721 and $1673.
However, 007 wouldn’t be 007, if he didn’t have an ace up his sleeve to surprise his audience. Similarly, the gold market could still enact our alternative scenario. As long as it is not yet safely below $1753, there is a 35% chance that the price could rise above the blue zone between $1816 and $1865 and break through the resistance at $1879. If it can keep this trend up, the price should even reach $1919 and $1966.
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