Gold- my reasons for buying
On Sunday I've written a comment saying that " The H&S will not pay off "
, AND IS STILL MY BELIEF THAT WE DO NOT HAVE AN H&S IN PLACE! So, I will start with this, why it is not an H&S?
1. First of all, it doesn't even look like an H&S
2. Beyond its particular look, H&S needs to suggest something: failure for buyers on the second shoulder, here we have a range on the second shoulder and more of a consolidation, not a desire to selling
3. The target for this H&S is well under 1800, at the previous recent low. And I don't see a fundamental reason for Gold to go there.
So, back to the buying part...
On the long term, Gold is in a clear uptrend and the drop from 2100 to 1765 was just a correction of this long term trend (also the structure of the drop is clearly corrective)
This first leg up has 1100 pips, so a correction to this bull run is normal and, as we can see, Gold corrected to 1820 strong support and also 50% fibo.
And if we ignore what some call "the head", in fact, we have a consolidation in a range between 1820 and 1850 which usually leads to continuation.
Time will tell, but I will remain to my opinion that dips on Gold should be bought
, AND IS STILL MY BELIEF THAT WE DO NOT HAVE AN H&S IN PLACE! So, I will start with this, why it is not an H&S?
1. First of all, it doesn't even look like an H&S
2. Beyond its particular look, H&S needs to suggest something: failure for buyers on the second shoulder, here we have a range on the second shoulder and more of a consolidation, not a desire to selling
3. The target for this H&S is well under 1800, at the previous recent low. And I don't see a fundamental reason for Gold to go there.
So, back to the buying part...
On the long term, Gold is in a clear uptrend and the drop from 2100 to 1765 was just a correction of this long term trend (also the structure of the drop is clearly corrective)
This first leg up has 1100 pips, so a correction to this bull run is normal and, as we can see, Gold corrected to 1820 strong support and also 50% fibo.
And if we ignore what some call "the head", in fact, we have a consolidation in a range between 1820 and 1850 which usually leads to continuation.
Time will tell, but I will remain to my opinion that dips on Gold should be bought
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