I will not bore you with the mathematical details as to how I calculated the resistance, but 31.73 is coming up as a very strong point for me over the coming week.
Fed rate cuts are generally friendly to the metal markets...it appears to me that these cuts are meant to take place as you still have sticky inflation, and that doesn't hurt gold either.
We expect higher prices in gold next week. We are now rallying in wave ^iii^, which could he heading to our next projected endpoint of: ^iii^ = 4.236^i^ = 2936.80! Active Positions: Long, with puts as stops!
A catalyst could spark major gold-futures selling which could quickly snowball, slamming gold into a larger pullback. But this doesn’t guarantee an imminent gold selloff.
I call the market stuck between $2570 down to this support near the $2500 level, caught in there, and we now have a pattern of lower highs and higher lows.
