Gold Weekly - Bulls & Bears Beware
- Will not be surprise to see gold prices initially break below the neckline before resuming higher for RHS
- Will be invalidated if the sell off took out 1175
- This idea is on the premise that post June or July rate hike gold broke higher and dollar index resumed lower on a wave 5 correction
- Also borrow the idea that a risk off event is coming in the next three months June - September - pushing strong safe haven demand - forming the RHS
- This idea then borrow from potential end of year rate hike talks or to the extent a severe market correction which resulted in the large sell off
- Bear in mind all of this remain speculative but worth watching for the clues
- Will be invalidated if the sell off took out 1175
- This idea is on the premise that post June or July rate hike gold broke higher and dollar index resumed lower on a wave 5 correction
- Also borrow the idea that a risk off event is coming in the next three months June - September - pushing strong safe haven demand - forming the RHS
- This idea then borrow from potential end of year rate hike talks or to the extent a severe market correction which resulted in the large sell off
- Bear in mind all of this remain speculative but worth watching for the clues
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