I'm bullish on gold long term, but also like we could be due for a pullback towards the 100-day moving average in the near term. A "double top" has formed, and with gold trading now close to its 50-day moving average, I don't see a catalyst in the near term for a surge in price. Historically, the summer months are a weak period for metals.
2 comments
Hi @georgeblaze, I agree with your analysis here. I'll be a buyer when gold falls below $2,200.
I'm also keen to get back in silver when it falls below $30.
This i gold on the 4h chart, looks like we have a "Bearish Channel" so might wanna wait on that long trade :)