I could imagine that gold is working on a head-and-shoulders topping pattern. The new all-time high on Monday was rather disappointing and only USD 20 higher than the one in April.
Within this potential pattern it would mean that this pullback will continue towards USD 2,275-USD 2,300. From there another bounce back up to and maybe above USD 2,400. Don’t nail me on the timing. This could get stretched or the right shoulder could be done rather fast.. Obviously USD 2,280-2,300 has to hold for this potential formation and would give a nice bounce back to USD 2,400.
And MAYBE it will be silver pulling gold back up to USD 2,400 one more time. Silverbugs might even get the USD 35 in that scenario..
No comments:
Post a Comment