Loading ...We all know 1350 is constant resistance but he has a more moderate PO on Gold. Usually I’m more conservative but see a potential in current atmosphere to hit a higher PO or near it even if brief.
He’s pointing to a possible recession which I’ll post next. As we are expecting to get hammered back down on the positive side if we have any left there is a possibility the institutional or level 1 s could come in early on Monday before we can see a breach of 1350 and gap up the price. Guess we’ll find out. Keep in mind if it does it will try to fill the gap by the next day so might get a better price the next day. Keep in mind also there are dollar shorts. Also oil heading to 50 which seems to be around its support area. Dyodd
Gold surges as the Dollar falls
The latest rally in Gold reinforces my bearish outlook for equities. Gold and Treasuries are rising as investors seek a safe haven from the likely turmoil in equities.
The Dollar Index plunged below its LT rising trendline, warning of a test of 95.
Gold responded, testing resistance at $1350. Breakout above $1350 would offer a medium-term target of $1400/ounce.
