GOLD - 1D - Intermediate Cycle Low and then up
Gold, just like silver, is seeking its Intermediate Cycle Low (ICL). We suspect, the low might be in at the end of the week. After this ICL Gold will rebound and will generally have strong June.
Although we think that the drop is not over, we won't short gold on Monday morning (ECT). Gold price needs some small pullback. Ideally, we would like to see gold to come back to 1840 area. At this level we will look at price reaction. If rejected, we will most probably short it with the target $1798.
Although we think that the drop is not over, we won't short gold on Monday morning (ECT). Gold price needs some small pullback. Ideally, we would like to see gold to come back to 1840 area. At this level we will look at price reaction. If rejected, we will most probably short it with the target $1798.
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