Long term Gold Outlook
Bullish above the yellow line or below Bearish very long term.
Expecting some pullbacks towards 30-50 SMA in conjunction with corrections on major indices.
30 SMA is penetrating or going parallel with the yellow line very soon which can act as dynamic resistance.
See period 2002 - 2009 for the exact opposite behavior. Took off and accelerated to 2011-2013 with finally break in 2013 with small pullback below in march 2013.
Keeping this in mind I expect a 2nd (1st was in April 2013) fierce downward acceleration touching the 30 SMA between now and at the end of this year.
Add on:
From a psychological standpoint I think a Gold price under a 1000 Dollar would attract a lot of physical buyers. Ask yourself, would you buy physical Gold at the moment?
And there are lots of traders positioned wrong and got squeezed at previous highs anticipating a bullish break out. Every time it reaches almost a previous high there is a heavy sell off. 4 times after April 2013.
Expecting some pullbacks towards 30-50 SMA in conjunction with corrections on major indices.
30 SMA is penetrating or going parallel with the yellow line very soon which can act as dynamic resistance.
See period 2002 - 2009 for the exact opposite behavior. Took off and accelerated to 2011-2013 with finally break in 2013 with small pullback below in march 2013.
Keeping this in mind I expect a 2nd (1st was in April 2013) fierce downward acceleration touching the 30 SMA between now and at the end of this year.
Add on:
From a psychological standpoint I think a Gold price under a 1000 Dollar would attract a lot of physical buyers. Ask yourself, would you buy physical Gold at the moment?
And there are lots of traders positioned wrong and got squeezed at previous highs anticipating a bullish break out. Every time it reaches almost a previous high there is a heavy sell off. 4 times after April 2013.
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