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Gold: Sideways Churn During August Before Next Leg Up?

Published 08/07/2016, 12:11 AM
Updated 07/09/2023, 06:31 AM
XAU/USD
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GC
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In my previous chart of the day I noted that gold and the metals sector in general were too stretched above the 200 DMA and would likely have to churn for awhile before the next leg up could begin. After seeing the sell-off following Friday’s employment number I think I probably called that one correctly.

The metals may have to churn sideways for most of August before the next rally begins.

Gold Daily 2013-2016

I’m going to go over in detail this weekend what I think the sell-off on Friday in the metals means for the sector. Hint: It’s not that bearish.

Latest comments

I like this guys calls, Although they are predictive in nature(there is always a danger of you being wrong and people holding out your mistakes, i think a lot of past experience also goes into making calls of such nature. Personally, looking at past behaviour of gold when in a bull run, I feel we could see gold go till 1300 before we start the next leg up, WIll buy if it goes in the 1290-1310 range.
This is the guy who said OIL at $49 had " no resistance until $60..."
I've been following "this guy" for about 6 months. I have made 30% return by just following his general advice. I was lost in the market until I subscribed. Now I have direction and consistently trade with confidence and successfully. He's not a guru. Doesn't have a crystal ball... But he looks at the market with objectivity and doesn't get flustered by smart money, rather trading "with" smart money instead of getting caught infront of steam rollers like I used to.
nice call
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