UBS sees gold rising to $5,000/oz by first half of 2027
This is a messy Chart... would you believe I actually tidied some of it up as it has so many lines crossing over everywhere. However I am looking to have things hopefully become a lot clearer from next week. The reason? Well, let me set the scene first. The move up in Dec 2016 ran out of steam after Christmas and we have been testing lower and following as small Downtrend (currently 7195). There are plenty of opportunities for the market to try higher...look at all the upward Trendlines & Pitchfork Tines. However, the market has taken none of these. Instead it has tried using the Dec 2017-to-date Downtrend (currently 7195) as the major guide through this past month. Even the quick Pipe Bottom during mid month and halting as it did at the recent 50% Fib at 6909 obeyed the Downtrend when it returned back up to the levels. So why clearing up? Well today...so far...we have a Key Reversal Down on the Daily Chart.
We still have a few hours to go but as long as we maintain below 7101 then we will have a KR Down and the opportunity next week to not only follow the Downtrend and tidy up the Daily Chart above but also to stage attempts at the combination of the Middle Tine of the Sep - Dec 2017 move and the 38.2% Fib of the Dec 2017 move - both at 7003. If that goes then we can look again at the Key recent 50% Fib at 6909. What can negate this - only consecutive closes over the previously mentioned Downtrend. Bullet point above goes into mildly Bearish as a result. Support is currently at 7067(dynamic), 7050, 7029, 7003, 6994, 6969(dynamic) & 6909. Resistance is currently at 7165, 7195(dynamic), 7208, 7262, & 7310.
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