nope not gonna happen, fundamentals are too good + the previous major resistance of 1380 will act as strong support, wont be able to get near it. might wont even go below 1400, bounced off 1404 for the 6th time now.
Larrythetrader
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@edwnjos99, thanks for your reply! we will see what will happen in a couple of weeks and I do appreciate your input.
@edwnjos99, gold has broke the level you said “it might not break 1400” but it did.
If you would like some pointers why then feel free to message me and I’ll tell you about how gold reacts with fundamentals as well (:
edwnjos99
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@Larrythetrader, Props to you. I was right on the strong fundamentals and bull market but where I was wrong was even in a bull market with strong fundamentals, what goes up that fast needs to come down a bit and come down quite fast. You still think it will break 1380? it was major resistance for a very long time, its going to be strong support now. If you use the 1280 as the bottom and 1440 as the top, thats a healthy 40% correction.
Larrythetrader
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@edwnjos99, it might be able to break 1380.00 depending on the outcome of the trade war.
Like you said, something that fast will always have a pullback and that was something I predicted on how the weekly and daily looked. My thoughts on gold price will still go down and then it will continue an uptrend.
Larrythetrader
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@Larrythetrader, I knew gold was going to go up to 1400 months ago and I can prove it if you like. I just assume that it would go up during the next presidential election or by the end of this year. I didn’t know gold would go up this fast and something like fast will always exhaust.