Search

02/21 Gold Price Update

A Lookback

Another week, another attempt to tell the turning point in gold. This time the price invalidated our previous scenario by taking out the previous high (labelled e circled) so the count as represented in the chart below is void.

https://www.tradingview.com/chart/XAUUSD/viXDfSDy-XAUUSD-Update/


Next Week

Despite our case with the contracting triangle is getting extremely squeezed (literally a hair-thin from invalidation level) I am reluctant to throw in a towel. The structures continue to look corrective and do not provide any cues for the restart of the bullish trend (despite all the Ukraine-Russia war hype etc.). Not that I completely disregard the possibility of armed conflict, I simply think its time has not come yet. The price has risen to the area (labelled in the red rectangle on the chart) that you can identify as hard-fought ground. Just look at what happened in Aug-Oct 2020. Now it can serve as a supply area to sell that recent uptrend on any positive news.


Gold, Daily

Want to read more?

Subscribe to www.whitewaterfund.com to keep reading this exclusive post.

Subscribe Now
33 views0 comments

Recent Posts

See All