Gold's sediment on dailyfx (website) is 88% bullish and 12% bearish and silver is 94% bullish and 6% bearish.
Can this very overbought situation continue or will the big hedges, banks, private parties whom control the precious metal market will sell causing the retailers to feel pain and get out of their buy positions.
I believe 2021 will be a sell year for rest of, going down to to $1,500.00 per ounce, (per attached chart) this is were equilibrium and balance is in gold market.
From chart, I believe that price action is on its 3rd to 4th down of wave of Elliot Impulse Waves (12345), so much more sellers are controlling gold market this year, then buyers. As always, risk management and price action will show you the way and keep you trading.
Note on chart is Fib ret indicator or tool, golden reversal area is 50% to 61% area, or around $1,500.00 an ounce. fyi
Can this very overbought situation continue or will the big hedges, banks, private parties whom control the precious metal market will sell causing the retailers to feel pain and get out of their buy positions.
I believe 2021 will be a sell year for rest of, going down to to $1,500.00 per ounce, (per attached chart) this is were equilibrium and balance is in gold market.
From chart, I believe that price action is on its 3rd to 4th down of wave of Elliot Impulse Waves (12345), so much more sellers are controlling gold market this year, then buyers. As always, risk management and price action will show you the way and keep you trading.
Note on chart is Fib ret indicator or tool, golden reversal area is 50% to 61% area, or around $1,500.00 an ounce. fyi