Gold up trend broke, bull flag or drop?

17 апр. 2020 г.

See Gold is already making that retest now. The big question is, will bulls form a bull flag coming days or is the rally already over short term. I posted that H&S few days ago, clearly warned about the danger that if could be a trap. Now in hindsight it seems the market kept things in the middle, didn't pump, but invalidated the H&S but eventually still dumped and almost reached the H&S target even. As you can see, it broke that trend line, so now it's important to see if it can break the breakout level around 1710 or not. Otherwise this could just be a a retest and we make a bigger correction. If so, i think it will drop towards the green zone around 1640/50. The retest could go higher, but if 1710/05 breaks, i see that as a neutral zone then. But would say, if it gets above 1730ish, the correction might already be over and the rally might continue.

Thing though for me personally, because i also think that the stock market will sometimes soon still make a big crash, i think it will once again drag metals down along with it. This is a trend during other market crashes as well, but of course doesn't mean it will always happen like that. For now the 1683 zone is a support, do think there is a chance we see another attempt to retest the 1700/05, but think 1690/88 has to hold for that.


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