Is gold a safe haven in 2016

New comment
 
  • 62% (16)
  • 38% (10)
Total voters: 26
 

My idea about gold is good for 2016.

First It will be drop 950 USD but later , its target is at least 1500 USD at the end of year. I hope :)

 

About Gold in 2016: the price (monthly price) is on bullish market condition located between 100 period SMA and 200 period SMA. And 4-year high level is 1920. It means that the local downtrend as the secondary correction for gold (XAU/USD) was started about 4 years ago (secondary correction within the primary bullish).

If the price is between 100 SMA/200 SMA so it means the ranging market condition for the gold now which was started one year ago, and 1232 is one-year high level located on the border between the ranging bullish and the primary bullish without ranging). Once the price breaks this 1232 level to above so we may see good uptrend for the gold up to 50.0% Fibo resistance level at 1483 for example.


The other reversal level for gold is 823 which is the value of 200 SMA for now. Once the price breaks this level to below so it will be fully reversed to the bearish market condition without secondary ranging.


So, there are 3 scenarios for the gold:

  • price breaks 823 support level to below for the primary bearish
  • price breaks 1232 resistance for the primary bullish
  • price will be on ranging within 823/1232 area.

But as the gold is still on bullish market condition for monthly chart (ranging but bullish) so we can predict that this 'ranging correction' will be finished soon, and the gold will go to 1232 level and more. Anyway, will see.

 
Foreksdurum:

My idea about gold is good for 2016.

First It will be drop 950 USD but later , its target is at least 1500 USD at the end of year. I hope :)

hi, Same view here. 950 is a strong level, all time 50% retracement should give a reaction to the upside.

Let see.

 
I don't think so.
 
new year,gold bullish
New comment
Reason: