Mthokozisi Mpofu
Knars Capital
The chart below shows Gold in a complex correction. We are looking for one more push lower below $1800 if we are to continue the overall bull market. Complex corrections are normally time-consuming, the chart below shows we have been in a range since 7 August 2020.
The impulsive move lower after the completion of wave (x) has given us a high probability that the move lower has started and will continue. The yellow zone is the 61.8 Fibonacci retracement level of the move lower. We can look for more selling pressure around that area. The move lower will be invalidated if we break above the wave (x).
No key news events to look out for this week.
Res: 1900.00; 1935.00; 1964.00
Supp: 1820.65; 1800.00; 1734.08
None of the material published constitutes a trading recommendation of any particular security, portfolio of securities or investment strategy. This should not be taken as personal advice concerning nature, potential, value or suitability of any particular security, portfolio of securities, investment strategy or other matter. Past performance does not guarantee future results.
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