Gold prices have been falling, with prices trading below 1835. For the past few weeks, premium members have been updated with the 1725-1700 target range. Gold prices have reached a bottom at 1721.25, which falls within the price range of 1700-1725. As the first response, a successive bounce has been developed towards the 1760-1770 area, as discussed with premium members. The high has been formed at 1781 during the spike of NFP exceeding 1770, but the spike was during the employment data, and a reversal has been expected. We have not changed our forecast yet.
Premium members have received multiple messages about the possibility of 1700-1725 as the primary support. The short-term cycle has set October 6th (plus or minus a few hours) as the possible top or bottom day for the next direction. The top appeared on October 8th (48 hours of deviation) and was quickly reversed. However, the reversal following the NFP report implies certain possibilities, which are discussed in this article. Please concentrate on the numbers mentioned in order to carry out trading actions. There are three possible cases discussed in last premium report, with the case 1 as the most likely event to happen. The case 1 has been printed the lows at 1700-1725 and a high at 1760-1770. The details are discussed in the report.
The last few articles have been very bearish on gold and silver prices. Chief’s personal opinions have not changed. Silver prices, on the other hand, have remained bearish in order to meet the identified long-term targets. Silver is expected to stay on course in order to meet the objectives. This article will present the chief’s personal opinion, trading comments, market overview, gold short and medium term cycle, and key levels. The next possible short term cycle, with targets and periods, has been presented as a possible turn in gold and silver prices.
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