Gold has formed another consolidation candle today. The indicators did not move a tad and continue to point towards lower prices ahead. Let’s explore the hypothesis.
In my weekly analysis on June 19 I suggested that “We might also see a horizontal development for 1+ weeks (wave 4)”. So far, the forecast is working as expected.
I charted a downward channel and the vertical line where the current wave (presumably 4) might hit the boundary. If the projection is accurate, we should see a strong bearish action at the end of Tuesday, closer to midnight. Let’s see how the channel timing works.
The monthly closing print on Jun 30 would be critical for the discussion on the long term direction and possible targets. These and many other points were discussed in the weekly analysis – link below.
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GDX Weekly Analysis: