Previously, I had posted an analysis on Gold where I was seeing a very Gold market. As a professional trader, I continuously and constantly analyze and re-analyze the markets and never ever get myself bought into being "right" and stay open to whatever happens. I rather be profitable than "right". So if my analysis proves to be wrong, I am always ready to make the correct move. And that is what I am doing here. Don't fight the market. Go with it!
What just happened to make me switch to a outlook is that Gold has broken a MAJOR that had been rejecting Gold's advances several times previous. But breaking this STRONG resistance, it is signaling that the doors to higher prices are swinging open.
What you are seeing my chart here is that there is a POTENTIAL Bat that is waiting to be completed not far from the broken TL. But that is NOT the BIG move I am projecting to happen! Gold can go MUCH higher! But let's see what happens after this bat gets filled and prices drop back towards the TL first. For now, it isn't the best idea to BUY yet. I would wait until there is a clear move away from the TL to fill that bat and then a fallback towards the TL and see if it holds before looking to BUY. Yes. that requires PATIENCE and strong willpower to not hit that BUY button too soon! Wait for the market to come to you. You do NOT chase the market!
Here is a PREVIEW of what I am working on to thoroughly analyze about where I see Gold headed eventually:
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