Our 7th August short term cycle produced a cycle low at the inflection point of $1,680. Gold continues its momentum towards the target following the bounce from inflection. We have labelled the previous week as the “wait and watch” week in order to better understand the next move in gold and silver prices. The last week candle produced a wide range bar.
While the US dollar is trading at its resistance levels, it indicates that price swings in the forex and commodity markets prevail in the short term. Long term, we remain bearish on the US dollar and bullish on gold and silver, but short-term corrections could destroy investor’s expectations. This weekly report will focus on the technical analysis to find the next move in both metals.
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