Dear Steemit friends,
Finally, it looks like the intermediate cycle in gold has been completed. Over the last few days, gold price increased from the low of $1161 to current $1198 (that is over 3% higher). Some of the indicators that make me think that gold is ready to bounce up are (i) deeply oversold RSI, (ii) bullish hammer candlestick, (iii) cycle duration.
The question is, how high will gold price move over the next several weeks. There is a formidable resistance level near $1310. If gold can break above that in the next 2 - 3 months, that would be positive for the future of gold price. Otherwise, there could be more pain to come at the end of the year with tax loss selling.
What do you guys think? Leave your opinion in the comments.
First, let's break the 50-day moving average :)
In 2008, gold of $ 1,800 promises hope in the long term
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