Gold Speculations - Bearish Potential

Gold has completed an initial correction from the previous low at 1050. We expect gold to seek the print a bottom at or below this previous low, as a second round of correction wave tests the market bottom. Look for the bulls to battle hard to keep the price elevated, as risk levels are elevated relative to previous years. There is enormous pressure from permabears and gold bugs pushing gold higher right now.

Gold has touched the supply zone at the most recent high on the daily charts, and we expect this supply zone to drive gold lower over the next few weeks.