Gold – Two scenarios with a buy between 1,245 and 1,265 USD

The Midas Touch Gold Model™ is in bear mode since 26th of September. Yet gold is getting very oversold while the stochastic is bearish embedded.

The Midas Touch Gold Model 10/03/2017

 

From our point of view there are two scenarios for gold with a buy between 1,245 and 1,265 USD:

Gold Technical Analysis 10/03/2017

 

1. Since the top at 1,357 USD gold is in a correction which usually turns out to be some form of ABC-Correction.

If we are still in wave A, the following wave B should take gold back above 1,300 USD. Probably to around 1,315 USD..
After that expect another wave down which might not end before prices around 1,215 – 1,205 USD are reached.

2. During gold´s sell off there was one shallow bounce. If that was already wave B the whole correction is getting close to be finished.
In that case wave C is expected to end between 1,245 USD and 1,265 USD.
Thereafter gold should start the next advance which will not stop at the open gap around 1,346 USD but should take us towards 1,400 USD…

In any case gold is a buy between 1,245 and 1,265 USD
Profit target 1,315 USD or higher
Stopp loss 1,235 USD

By | 2017-12-12T18:48:37+00:00 October 3rd, 2017|0 Comments

About the Author:

Florian Grummes is an independent financial analyst, advisor, consultant, trader & investor as well as an international speaker with more than 20 years of experience in financial markets. He is specialized in precious metals, cryptocurrencies and technical analysis. He writes a bi-weekly in-depth gold and silver analysis for one of Germany´s largest gold and silver retailer the „pro aurum“ group. As well he is publishing a bi-weekly comprehensive gold & bitcoin analysis for his numerous international readers. He is well known for combining technical, fundamental and sentiment analysis into one accurate conclusion about the gold market.

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