Gold is at upper support - watch it carefully
In my last public article on gold, I outlined my expectations for a rally to the $2,428. And, as I write this article now, gold is finally giving us the pullback I wanted to see to set up the rally towards that target.Now, I have been doing this publicly for 12 years now. And, during that time, we have called major tops and bottoms in the metals market, including calling the high of 2011 within $6 of the actual high struck, as well as the exact bottom in gold at the end of 2015.
"There is no way you can understand what is going on in gold by doing technical analysis. Gold is driven by fundamentals." And, for those that still believe the metals market is manipulated, I am again going to direct you to an article I wrote a number of years ago addressing the specifics of these arguments:
So, we are now at an important juncture over the coming several weeks. While I still maintain an expectation that we can rally towards my ideal target outlined above, how the market takes shape in the next two weeks will likely tell us if we break out on our way to that target sooner rather than later.
https://www.elliottwavetrader.net/market-update/Elliott-Wave-Intro-Series-Part-2-201808184848065.html https://www.elliottwavetrader.net/market-update/Elliott-Wave-Intro-Series-Part-5-201809154887928.html
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