Gold appears to be running out of steam as expected – but at a slightly lower level than we calculated. The timing for our short entry remains unchanged (that is between now and next Tuesday) but we feel that low (ish) risk shorts can be built between current levels and 1800 – although we would personally prefer a quick pop up to, and rejection of, our green trend line at the top of our entry zone.
Our long entry zone is still way out in November and our current feeling is that we will be targeting levels below 1500 before we dare commit to a long. In fact, if the decline occurs as expected, we may cancel the long entry in November and look for more low risk short opportunities out to Q2 2022.
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