Valid Signs of Bullishness to 1720+ Next Week
Hello traders,
While it wasn't long ago I had a bearish bias towards Gold, this was as a result of myself believing there COULD be a near-term impulse wave down in equities, however, from latest movement and updated EW count, I believe the impulse down in equities will be somewhat delayed due to the Feds historic new "stimulus program" which is hard to predict - yet changes the technical pattern. Consequently, I do not foresee a liquidation in Gold in the near-term.
On a technical analysis front, Gold appears to be in a diagonal Wave 5 EW count.
On an indicator level, several indicators portray continued upward momentum with a slow and gradual continuation until Gold reaches somewhere in the 1720-1749 extension level.
Once we reach this level it is likely Gold will form some sort of correction to at-least 1640. At that point we can have a discussion on the depth of the correction but this will largely be based on the environment of equities and the bullishness or lack-there-of.
PS: We could see a minor retracement to 1674-1675, however, the overall trend will likely favour a break-out to the upside. Wait for 1700 for confirmation.
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In the long-term regardless of what happens short-term, I am extremely bullish on both Gold and Silver and everyone should hold at-least 10% of their portfolio in Gold bullion notes, or hold/store physical precious metals.
- zSplit
While it wasn't long ago I had a bearish bias towards Gold, this was as a result of myself believing there COULD be a near-term impulse wave down in equities, however, from latest movement and updated EW count, I believe the impulse down in equities will be somewhat delayed due to the Feds historic new "stimulus program" which is hard to predict - yet changes the technical pattern. Consequently, I do not foresee a liquidation in Gold in the near-term.
On a technical analysis front, Gold appears to be in a diagonal Wave 5 EW count.
On an indicator level, several indicators portray continued upward momentum with a slow and gradual continuation until Gold reaches somewhere in the 1720-1749 extension level.
Once we reach this level it is likely Gold will form some sort of correction to at-least 1640. At that point we can have a discussion on the depth of the correction but this will largely be based on the environment of equities and the bullishness or lack-there-of.
PS: We could see a minor retracement to 1674-1675, however, the overall trend will likely favour a break-out to the upside. Wait for 1700 for confirmation.
--
In the long-term regardless of what happens short-term, I am extremely bullish on both Gold and Silver and everyone should hold at-least 10% of their portfolio in Gold bullion notes, or hold/store physical precious metals.
- zSplit