Is a gold top now in place? The timing is certainly perfectly in line with our 2022 forecast and the price of gold is right between the lower and upper entry zones which we forecast several months ago.
Last week gold came within 20 points of our higher short entry zone and whilst we do have some concerns that our initial short entry zone was penetrated with ease, timing is supporting that a top may be in and gold may fail to exceed the 2020 high.
If a top is in place for gold this is likely to see gold in a long term down trend with a least the same magnitude as the one from 2011 to 2015 (we remember it well). Things will become clearer within the next 2 weeks but the current short term risk/ long term reward opportunity is looking very interesting.
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