We now expect a bottom action to occur at or above today’s low of $1535. Today’s extreme sell off and hard rally action does make the possibility of a narrow bottom quite possible.
The drop from $1923.70 to $1535 has generated an impressive wall of resistance, but which could be overcome in relatively short order if gold generates a narrow V bottom followed by hard rally action. Even so, the bottom should be visibly resolved here within another 14 to 15 days at most ff we are to have a moderately fast or a fast return to a test of the recent high ($1923.70), and thereafter, higher highs.
Our internal figures remain long term bullish…
- CIGA Kenny, via JSMineset.com