Gold…. On its way to 1142.9 and likely beyond. An easy target for me to imagine would be above 1148.0. It’s going to take some effort, but there’s a group of stops up in this area that I expect to be taken out. After this, the market will be, “Very overbought.”
My expectation is that after breaking through 1148.0, there will be a decent correction to the downside. I will sell to people that are chasing the market up there, looking to ride my “short” position for possibly $15 bucks.
Whatever you do, don’t buy it up there unless you’re prepared to experience a sizeable drawdown before (possibly) becoming profitable.
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