Gold is in a process of forming AB leg, i have doubt it will pass the blue trend line which around 1140(also previous weekly pivot n 100MA), when it comes down to form the BC leg and i also doubt it will break through the red long term trend line which held multiple month's low starting this july. From there its in final stage forming the CD leg which its hard to tell whether it will form a gartley or butterfly. i guess it will largely depends on a)FED rate hike this year or not(i highly doubt they will hike anytime soon) b) any potential BLACKSWAN event in the next few weeks
BUT LONG TERM GOLD WILL BE EXTREMELY BULLISH GIVEN OUR INSANE POLICY MAKERS LAUNCHING FURTHER QEs AND NIRP
BUT LONG TERM GOLD WILL BE EXTREMELY BULLISH GIVEN OUR INSANE POLICY MAKERS LAUNCHING FURTHER QEs AND NIRP
