Today gold formed a consolidation candle again. The indicators continue pointing towards lower prices. 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 wonderfully.
From yesterday’s daily update: “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.”
Nothing changed in the perspective.
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.
If you want to receive regular updates on this and other topics, follow the blog on Twitter @InvestingAngles or by email subscription. Please share your Likes and Retweets if you find the content beneficial.
GDX Weekly Analysis: