ridethepig | Gold Market Commentary 2019.11.26
An update to the medium-term Gold chart after clearing Fed. The strong push up factors remain prevalent for Gold; global recessionary risks are back in play, US-China protectionism returning and geopolitical gulfs widening all whilst equity and credit markets reach extended valuations and to put the cherry on top as if this wasn't enough, CB throwing the kitchen sink and exercising strong demand all help keep Gold moving higher.
I am tracking the next swing towards 1700 from the current levels; for those who have been following the live flows since earlier in the year, now is a good time to review the flawless maps from October 2018:
A textbook breakout which started this new chapter in monetary policy; this brings me onto the second chart.
Those with a background in waves will be familiar with the textbook triangle break. An ABCDE was enough to capitulate nascent bears with inflation providing the ebb and flow:
In any event, I have widely tracked the Gold move and fundamentals so there is little new to add here with same breaks and impulsive legs to track and same 1700 targets.
For the technicals we are sitting at key support levels; this will attract buying interest from the usual suspects who have been working the bid all year long. For reference those on the bid will be able to ride the pig comfortably till 1557.xx while 1453.xx acts as steel support. Losing 1453.xx will take a change in stance on the monetary and risk side (highly unlikely).
Thanks for keeping the likes and comments coming.
I am tracking the next swing towards 1700 from the current levels; for those who have been following the live flows since earlier in the year, now is a good time to review the flawless maps from October 2018:
A textbook breakout which started this new chapter in monetary policy; this brings me onto the second chart.
Those with a background in waves will be familiar with the textbook triangle break. An ABCDE was enough to capitulate nascent bears with inflation providing the ebb and flow:
In any event, I have widely tracked the Gold move and fundamentals so there is little new to add here with same breaks and impulsive legs to track and same 1700 targets.
For the technicals we are sitting at key support levels; this will attract buying interest from the usual suspects who have been working the bid all year long. For reference those on the bid will be able to ride the pig comfortably till 1557.xx while 1453.xx acts as steel support. Losing 1453.xx will take a change in stance on the monetary and risk side (highly unlikely).
Thanks for keeping the likes and comments coming.
Comentário:
A clean and easy ride so far
