Chris is expecting the gold price to fall below $1290, with true support being found at $1260. When will gold start to rally again? Here’s Chris to explain…
On January 28, 2019, our research team issued a research post indicating we believed that Precious Metals would rotate lower over the next 45+ days in preparation for a momentum base/breakout that would initiate sometime near the end of April or early May. Recent price weakness in Gold has begun to confirm our analysis and we believe this price weakness will continue for the next 2~4 weeks while traders identify a price bottom and hammer out a momentum base/support level.
Gold is currently down another -1% this week and testing the $1307 level after rotating back to near $1320. Our analysis continues to suggest price weakness in the Precious Metals markets going forward for at least 2~3 more weeks. We are expecting the price of Gold to fall below $1290 and ultimately, potentially, test the $1260 level where we believe true support will be found.
If you’ve been following our analysis, you were alerted the day of when we signaled the top as it formed near $1330 and to close out our GDXJ position for a quick 10.5% profit as we had been preparing for this top and rotation for a couple weeks.
This 240-minute Gold chart highlights our Adaptive Fibonacci price modeling system and suggests the $1295~1302 could become immediate support for this current downside price move.
Please take a minute to review some of our most recent research by visiting www.TheTechnicalTraders.com/FreeResearch/ and to learn why our team of researchers, software developers, and traders provide insight and knowledge that you just can’t get anywhere else on the planet. The link to our research post, above, highlights our ADL predictive modeling system that is capable of identifying price moves many months in advance. Our most recent US stock market forecast highlights the power and capabilities of our proprietary price modeling tools. As a member of our newsletter, you gain insights, training, daily market videos and many more resources that will help you identify and execute for greater success in 2019.
Technical Traders Ltd.
Chris Vermeulen has been involved in the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader, and author of the book: 7 Steps to Win With Logic
Through years of research, trading and helping individual traders around the world. He learned that many traders have great trading ideas, but they lack one thing, they struggle to execute trades in a systematic way for consistent results. Chris helps educate traders with a three-hour video course that can change your trading results for the better.
His mission is to help his clients boost their trading performance while reducing market exposure and portfolio volatility.
He has also been on the cover of AmalgaTrader Magazine, and featured in Futures Magazine, Gold-Eagle, Safe Haven,The Street, Kitco, Financial Sense, Dick Davis Investment Digest and dozens of other financial websites.
Disclaimer: This material should not be considered investment advice. Technical Traders Ltd. and its staff are not registered investment advisors. Under no circumstances should any content from websites, articles, videos, seminars, books or emails from Technical Traders Ltd. or its affiliates be used or interpreted as a recommendation to buy or sell any security or commodity contract. Our advice is not tailored to the needs of any subscriber so talk with your investment advisor before making trading decisions. Invest at your own risk. I may or may not have positions in any security mentioned at any time and maybe buy sell or hold said security at any time.