Gold fell to an all time low of 0.4971 in July 2017,but since then has managed to break above the 200 day moving average of 0.5213 in mid August 2017 and now trades at 0.5449 and above the monthly pivot level of 0.5257. A break of 0.5528 would conclude the formation of a double bottom pattern and set the stage for a massive
rally which could extend to the 0.64 region and beyond. A short-term correction to the downside should be expected to hold around the 0.52 level.
The above represents the opinion and analysis of Mr Timothy Straiton, based on data available to him, at the time of writing. Mr.Straiton's opinions are his own, and are not a recommendation or an offer to buy or sell securities.
Mr.Straiton is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr.Straiton recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.
Although a qualified market analyst with over 30 years experience, Mr.Straiton is not a Registered Securities Advisor. Therefore Mr.Straiton's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
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