February scored the first point in favor of the bulls breaking the downtrend. Usually, when we get something that we want, after moments of winning euphoria, we start to feel sad about further uncertainty – what is next? To avoid that feeling we should work out a new plan like the one that I prepared for you below.
Chart 1. Gold Monthly: Gold Bugs, How Deep Is Your Love?
Chart courtesy of tradingview.com
Speaking globally, the sad thing for the bulls is that we can’t be sure of the Big Bull Run until the price is below the previous high at $1920. I can add more points saying that there is still a chance of a complex correction, which can last longer, much longer. Gold was in an uptrend for 12 years and the current correction took only 4.5 years. Therefore, the probability of its prolongation is high as the correction might last longer the than major trends. It is human nature when we have a clear idea to act decisively and swiftly (trends), but once we fall into a thoughtful mood reflecting of further plans we are losing/taking our time to think everything thoroughly (corrections). Continue reading "Gold Update: Bulls Finally Took The Ball"