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Monday, 22 July 2019

Updated Gold Weekly Chart Technicals: 22 July 2019, Monday

Updated Gold Weekly Chart Technicals:
22 July 2019, Monday
(Click on the Technical Chart Above to Expand)

Attached is the macroscopic Technicals for Gold. As per reiterated in the past years:

1. When stocks are bullish, Gold will rise with the bull markets gradually to beyond $2000 an ounce.

2. When stocks are bearish, Gold will rise sharply beyond $2000 an ounce. Gold's super ascent is assured based on technicals and the dynamics of the current economic cycle.

3. Gold's rise to backtest a previous $1550-$1600 (previous neckline) resistance was a guarantee based on standard technical model.

Lastly, because Gold's re-accumulation (see region in light green) was very massive and deliberate, $1550-$1600 resistance will crack easily. An investment target price of $2500-$3000 can be expected based on technical projection. Any backtest at $1371 will see massive buy pressure from smart monies worldwide. This would be the next buy adding point before the next great rise.

The Donovan Norfolk Technical Rating:
Bullish short term, mid term and long term.


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