Gold Update (weekly Chart)
Gold today broke through the flag bottom at 1985, so the seasonal effect is in play. I have three targets as of now: 1947.63, the pivot point of the weekly chart flag pole; 1924.60, the mid-point of the flag poll; 1921.6, the Gann confluence line (which would also be the base of the prior flag last year).
I see 1924 to 1921 as the likely target. If we had a sell off like last year, we would be looking at a low in the 1700 range -- highly unlikely. If that happened, I would load up the boat.
I am still bullish on gold long term, the macro elements are undeniable.
I see 1924 to 1921 as the likely target. If we had a sell off like last year, we would be looking at a low in the 1700 range -- highly unlikely. If that happened, I would load up the boat.
I am still bullish on gold long term, the macro elements are undeniable.
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