Gold: Weekly Forecast 26th - 30th August
Can the gold break new high and evolve into another freakish bullish trend this week?
Patterns sometimes do repeat itself and it could happen again in this case.
The gold fell to the bottom of a range and continued to consolidate throughout the week as it formed lower highs.
Just before Powell's speech last Friday, the gold was seen climbing steadily and jumped all the way to the top of the range, just 45 pips shy from the previous high.
This symptom looks exactly just like the jump in 2nd July and the price was seen resisted and pulled back strongly after an attempt to break new high.
What's really important is that we do not want to chase the gold long at such price and you do not wanna buy high right?
If we do not see the price break and close above the previous high in the first 2 trading days, chances are the price will fall again to the range bottom.
Therefore, I am open to an attempt to sell the high, and even if that failed, I know that I've sold at the highest price.
Patterns sometimes do repeat itself and it could happen again in this case.
The gold fell to the bottom of a range and continued to consolidate throughout the week as it formed lower highs.
Just before Powell's speech last Friday, the gold was seen climbing steadily and jumped all the way to the top of the range, just 45 pips shy from the previous high.
This symptom looks exactly just like the jump in 2nd July and the price was seen resisted and pulled back strongly after an attempt to break new high.
What's really important is that we do not want to chase the gold long at such price and you do not wanna buy high right?
If we do not see the price break and close above the previous high in the first 2 trading days, chances are the price will fall again to the range bottom.
Therefore, I am open to an attempt to sell the high, and even if that failed, I know that I've sold at the highest price.
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