Gold broke down... hello 1800
And we may see 1600 for Gold (GC1!) if 1800 does not hold.
Gold had been stalling and consolidating, wondering what to do over the past three weeks.
Had projected earlier that it is on the way down to 1800, and then as far down as 1600.
Even earlier, mid-August was the targeted date for a Gold top and that was done... so now, with technicals supporting the downdraft, and Gold futures breaking down, it is even more likely 1800 would be reached very soon.
Overall, Gold is in a secular long term robust bullish trend and I would be wary to short it; just that the volatility is high, so the range is way broader.
Gold had been stalling and consolidating, wondering what to do over the past three weeks.
Had projected earlier that it is on the way down to 1800, and then as far down as 1600.
Even earlier, mid-August was the targeted date for a Gold top and that was done... so now, with technicals supporting the downdraft, and Gold futures breaking down, it is even more likely 1800 would be reached very soon.
Overall, Gold is in a secular long term robust bullish trend and I would be wary to short it; just that the volatility is high, so the range is way broader.
Too fast a downside, so we probably see a bounce and consolidation.
A short consolidation and more downside would easily slide down to near/at 1600.
Else, may consolidate for a bit.
I am leaning closer to 1600 based on earlier larger time frame analysis...