GOLD (4HR) a new era for gold?
pleased to report my inverse head and shoulders analysis appears to be coming true, however the pattern is not yet complete so im not going to get ahead of myself.
I have spotted some clear divergence marked by the orange trend lines which are lending weight to my analysis and almost all of the most recent data and news reports point to a strong chance of a continued move upwards so i entered the market early this afternoon with my current position highlighted by the forecast tool so lets see how that plays out.
aside from recent market conditions i would like to discuss trajectory for next year, in recent weeks we have seen gold perform exceptionally well and as i have mentioned in previous posts gold has been coming back to its "ceiling" with increasing frequency signaling a desire to break out into new territory and looking at fomc forecasts it seems that may very well be the case for the reasons given below.
1) early December saw a new all time high being formed and now we are coming back to that level less than a month later!
2) the fomc has acknowledged the economy slowing and has a 75bp rate cuts schedule currently in place for next year possibly spelling trouble for the dollar however this is all speculation currently so the smart choice for now is to be patient and wait for more data, that being said my overall outlook for gold is still bullish.
I have spotted some clear divergence marked by the orange trend lines which are lending weight to my analysis and almost all of the most recent data and news reports point to a strong chance of a continued move upwards so i entered the market early this afternoon with my current position highlighted by the forecast tool so lets see how that plays out.
aside from recent market conditions i would like to discuss trajectory for next year, in recent weeks we have seen gold perform exceptionally well and as i have mentioned in previous posts gold has been coming back to its "ceiling" with increasing frequency signaling a desire to break out into new territory and looking at fomc forecasts it seems that may very well be the case for the reasons given below.
1) early December saw a new all time high being formed and now we are coming back to that level less than a month later!
2) the fomc has acknowledged the economy slowing and has a 75bp rate cuts schedule currently in place for next year possibly spelling trouble for the dollar however this is all speculation currently so the smart choice for now is to be patient and wait for more data, that being said my overall outlook for gold is still bullish.
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