GOLD: LONG TERM:BULLISH CONE-{SHORT TERM_WAVE 5->ABC CORRECTION}
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This is just a short update (1 minute read)
Gold has broken out of the ascending triangle due to the FED's recent dovishness. However, after July how likely would it be for the market to have new expectations ex. rates below 2%? How long it would it take to get there?
Hence, it seems that GOLD is projecting a Bullish CONE in the Long-Term. In the Short term however, it might be reasonable to expect an ABC contraction at the strong resistance levels around 1475-1485 $.
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Full Disclosure: This is just an opinion, you decide what to do with your own money. For any further references- contact me.
Gold has broken out of the ascending triangle due to the FED's recent dovishness. However, after July how likely would it be for the market to have new expectations ex. rates below 2%? How long it would it take to get there?
Hence, it seems that GOLD is projecting a Bullish CONE in the Long-Term. In the Short term however, it might be reasonable to expect an ABC contraction at the strong resistance levels around 1475-1485 $.
>>I do not share my ideas for the likes or the views. This channel is only dedicated to well informed research and other noteworthy and interesting market stories.>>
However, if you'd like to support me and get informed in the greatest of details, every thumbs up or follow is greatly appreciated!
-Step_Ahead_ofthemarket-
Check my TA recent episodes on the US Sectors:
EPISODE 7: US CONSUMER DISCRETIONARY( XLY ):
EPISODE 6: US MATERIALS (XLB):
Full Disclosure: This is just an opinion, you decide what to do with your own money. For any further references- contact me.
Nota
Here is the WEEKLY chart on gold. Extremely bullish breakout.
Nota
Short update: Rates were cut to the range of 2-2.25% from 2.45% that they were previously.Anyone familiar with wave 5, knows the risks of wave 5's and the potential of failure at any moment. 1475 was a far fetched target in case most of the companies missed their revenue expectation during the q2 earnings season.
Consequently, at the moment it should be expected now for the market to negatively price in the fulfilled rate cut expectations into an ABC consolidation as drawn on the chart above. ABC target in the range of 1345-1360.
-Step_Ahead_oftheMarket-
Nota
Updated analysis based on the newest rate cut expectation for September. Either way the principle is still the same and it's all that it matters.
Predicting gold prices is basically the ability to predict FED rates/global interest rates. Obviously I do not work for the FED.
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