Gold’s price drifted lower on light 4th of July holiday volume during the trading session Thursday.
Gold looks to be forming a Double Top in here and could go lower on some pushy selling. That action will try fill the gap underneath this run, and if so the move will have to tap the $1360 mark.
That would be a buying opp on the bounce from that area to take advantage of, and play into the longer-term
Gold Technical Analysis Video 4 July 2019
The alternate scenario is that the gap below is a break a way gap and this marke break above $1450 clearing all resistances and breaking the back of that forming Double Top.
This is a scenario could come into play after the US NFPs come in Friday and shock the market.
The technical are showing overbought in here and a healthy pullback to bring in fresh buyers.
Both Shayne and I anticipate gold will run go much higher, and the we are in a longer-term cyclical Bull market for gold.
The Fed will be influential in this run as it is cutting interest rates, and very unlikely to do anything but. A that is what President Trump and Wall Street wants, and what those powers want from the Fed, they get.
HeffX-LTN’s overall technical outlook for Gold’s largest ETF (GLD) is overall Bullish to Very Bullish in here.