Possible Crash to 1410? (Alternative Bias)
Everyone who has been following us since last year, knows we are bullish on Gold & are still holding buy positions from 1600's. We also have a sell position open from 1953 as a hedge against our buys.
However, after seeing price action on Gold recently I believe that there is a possibility for Gold to crash lower towards $1410-$1370 over the next 2-3 years. If you look at the 2 week TF, you can see that Gold reached Wave 3 ($1,920) back in 2011, following a peak of Wave 5 ($2,075) in 2022. If this is correct, we should now see the market crash back as a correction towards the $1400 mark.
This also makes sense from a fundamental perspective. If the Federal Reserve keep hiking interest rates over the next year, this'll weaken Gold prices, while strengthening the US Dollar.
This analysis is only valid as long as Gold remains below the last high of $2070.
However, after seeing price action on Gold recently I believe that there is a possibility for Gold to crash lower towards $1410-$1370 over the next 2-3 years. If you look at the 2 week TF, you can see that Gold reached Wave 3 ($1,920) back in 2011, following a peak of Wave 5 ($2,075) in 2022. If this is correct, we should now see the market crash back as a correction towards the $1400 mark.
This also makes sense from a fundamental perspective. If the Federal Reserve keep hiking interest rates over the next year, this'll weaken Gold prices, while strengthening the US Dollar.
This analysis is only valid as long as Gold remains below the last high of $2070.