More downside for gold.
I see the gold with a downtrend that ends around 1600 - 1500 USD. In a nutshell, my counting is as follows:
I expect that this downtrend ends around 1600 - 1500 USD because the 0.786 Fib retracement is the mean reversion point for any selloff. After that, we may see the gold consolidate for a long time until the inflation expectations are materialized (maybe with yield curve control from the FED).
Any thoughts or opinions are more than welcome.
PS: If you analyze carefully, this structure is identical to the Wallstreet cheat sheet.
- The corona selloff sets a paradigm shift globally, so it is justified to assert that we count three impulsive waves from March to mid-July, with a structure of 5-3-5-3-5.
- The top comes at the 2076 USD, with a double three correction, and finally, there is a clear channel with a triple combo wave.
I expect that this downtrend ends around 1600 - 1500 USD because the 0.786 Fib retracement is the mean reversion point for any selloff. After that, we may see the gold consolidate for a long time until the inflation expectations are materialized (maybe with yield curve control from the FED).
Any thoughts or opinions are more than welcome.
PS: If you analyze carefully, this structure is identical to the Wallstreet cheat sheet.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.