Gold: Hidden Minor Bull; Wait for 1492 Reaction Before Shorting
Hello folks,
I continue to be neutral on Gold and Silver but continue to also eye a break-out but not until later in October.
Many of my proprietary indicators are hinting that this current "bottom" may indeed be the current bottom before we make our way slowly upward and trade in a 1514-1547 range for possibly the next 2-2 1/2 weeks with no major break-out at this current time.
Should we break to the downside (30% chance) there is extremely heavy resistance and numerous pivot points off the 1472 range as this represents a peak before a break-out and a key bottom after the temporary top from the 2011 run upwards.
The market has an incredible ability to do the opposite of what most people think. I believe there is only a small chance Gold and Silver break-down drastically here and I advise people to wait for confirmation on Sunday before pouring money into shorts.
- zSplit
I continue to be neutral on Gold and Silver but continue to also eye a break-out but not until later in October.
Many of my proprietary indicators are hinting that this current "bottom" may indeed be the current bottom before we make our way slowly upward and trade in a 1514-1547 range for possibly the next 2-2 1/2 weeks with no major break-out at this current time.
Should we break to the downside (30% chance) there is extremely heavy resistance and numerous pivot points off the 1472 range as this represents a peak before a break-out and a key bottom after the temporary top from the 2011 run upwards.
The market has an incredible ability to do the opposite of what most people think. I believe there is only a small chance Gold and Silver break-down drastically here and I advise people to wait for confirmation on Sunday before pouring money into shorts.
- zSplit