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Prop Trading Futures

Where Gold Is Headed?

It seems that  hasn’t capitulated or found aggressive buyers so far. I’m expecting the downtrend to resume, but eventually after a retest of the $1230-1235 area.

$GC $GLD

We have changed our short term interpretation of the action developing in Gold. Our primary hypothesis is that the ongoing congestion since October is going to take the shape a Symmetrical Continuation Triangle. Once resolved this Triangle should launch the move to Gold long term objective price ($1009.4). The medium term outlook for Gold doesn’t change much since the target remains much lower than current prices. But the Symmetrical Triangle interpretation suggests a small bounce from current price levels up to around $1230-1240 (to hit the upper trendline the triangle).

$GC $GLD Gold