Gold – after test of the Red Target box we have two alternative paths
Gold keeps pushing higher as expected.
You may remember we did not have much doubts if gold going to test the upper dashed blue trend line.
But once it gets there we will most likely get a minor pullback.
Bears may get another 15 minutes of glory if they manage to defend 1,985 resistance.
Most likely that under the bullish scenario gold slices through the upper trendline and only then to play a bigger pullback re-testing the broken trendline from above (the same scenario we discussed for GDX).
GC - 120 min chart updated at 9-55 AM on 9-10-2020
There are many bulls who were left behind and they pray that this alt bearish scenario shown below will play out.
However, I think that if bears manage to defend the first attack on that upper trendline we will get some minor pullback after test of the Red target box but I do NOT think Gold will decline to test the lower trendline once again.
GC - 120 min chart updated at 9-55 AM on 9-10-2020
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