GOLD needs to form a handle
The reason I am still not sold on GOLD and Metals is because of.... the dollar. In my last idea, I explained why the dollar would be seeing a small run to the upside. To about $94.
Gold is dollar-denominated so, you really need to focus on what the dollar is doing. A rising dollar is not gonna push Gold prices it will weaken them. The 1500-1600 area is the buy zone for Gold. At this level the DXY will be at 94. I am targeting 3500 for Gold some time next year. The DXY rising signals a big market correction is coming soon.
Gold is dollar-denominated so, you really need to focus on what the dollar is doing. A rising dollar is not gonna push Gold prices it will weaken them. The 1500-1600 area is the buy zone for Gold. At this level the DXY will be at 94. I am targeting 3500 for Gold some time next year. The DXY rising signals a big market correction is coming soon.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.