As
usual, we look at gold from different angles. If anything, it becomes
clear that the precious metals market is nearing a pivot point. We
cannot be sure in which direction this will resolve, we can only keep on
monitoring the developments in the weeks and months ahead until we see a
trend. Based on our analysis, we are quite convinced that a new trend
in precious metals will arise in the next few months.
Chart-wise,
gold looks like a cooking pressure, not in terms of price or momentum,
but in terms of its chart pattern. The recent sideways action can go on
for a while longer, but the descending triangle formation on the chart
is reaching its apex. In our own words: we are nearing a make-or-break level.
Besides, the US dollar broke above critical resistance, and is currently in the process of testing it. (more)
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