Gold Ready For A long Overdue Rip?
As markets reach all time highs hard assets like gold have remained trapped in the same range for many many moons and may be the benificiary of capital rotation.
While captial rotation is a fundemental argument the weekly gold chart above is soley based off of technicals.
This is a forcast and much like forcasting the weather it should not be considered as a prediction but rather areas of interest and time will tell the tale.
There appears to be alot of confluence in the $3900 area. This target is 2x the current range and 5x of the initial impulse range from the last swing low.
If profits are taken they will need to go some where and when markets are at all time highs those profits are not small amounts and may be just enough to push hard assets like gold out of this long held range at an accelerated rate.
Current Trading Plan:
Long and strong until there is at least a brake of trend. The white curve represents a momentum based trend that may or may not hold. If the current momentum holds this would put price in the target area around December 2024-January 2025.
Trade Well...
Your Friend,
Degen
While captial rotation is a fundemental argument the weekly gold chart above is soley based off of technicals.
This is a forcast and much like forcasting the weather it should not be considered as a prediction but rather areas of interest and time will tell the tale.
There appears to be alot of confluence in the $3900 area. This target is 2x the current range and 5x of the initial impulse range from the last swing low.
If profits are taken they will need to go some where and when markets are at all time highs those profits are not small amounts and may be just enough to push hard assets like gold out of this long held range at an accelerated rate.
Current Trading Plan:
Long and strong until there is at least a brake of trend. The white curve represents a momentum based trend that may or may not hold. If the current momentum holds this would put price in the target area around December 2024-January 2025.
Trade Well...
Your Friend,
Degen
Komen:
Gold has made a new high
