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Gold Market Update (May 2020)

1900x834-7-Gold

The gold market has been on a tear this year.

In March however, it hit resistance up near $1,760 /oz. The price movement in gold however has been largely predictable as the next chart shows.

Those of you who have been subscribed to me for a while will be familiar with the below chart, and the prediction I made for gold prices back in 2018. My forecast for gold was represented by the red lines. Now, those lines were drawn back in 2018 well before gold prices followed the direction I had forecast going higher. I have left those forecast lines untouched in the chart below to represent just how close my forecast was.

Gold Price Update May 2020

click here to view image

The resistance in gold at $1,760 /oz is now a good one. You can see those resistance lines forecasted by my "tunnels thru the air" which I use on my gold charts. Again, these aren't forecast curves I have come up with. I have actually given many of my subscribers these charts from my personal Optuma files.

The "tunnels thru the air" need to be watched now for support on the way down. There is some good Square of Nine and other price resitance near $1,620. If gold trades there, it would represent some good buying,

Gold Price Update May 2020 tunnels

click here to view image

Until next time...

 

 

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Tuesday, 26 May 2020

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