Gold – market overview and forecast for June 2018
Today I want to focus on my favorite market – Gold. It’s trading in tight range and recently formed a lower high at 1307 on daily chart. So, it’s obvious we are waiting for lower low now. Besides, Gold didn’t finish it’s corrective move yet.
Last week I published chart with my forecast at tradingview platform and gave trading signal for my subscribers to short Gold. Hope all of you made good returns!
Those of you, who use Elliot wave theory, noticed that wave 3 has to be in play. That doesn’t mean you have to jump and go short at cmp, but look for weakness at key resistance and consider selling Gold.
Not much fundamentals to analyse. But as history tells we have to expect more pressure in gold before FOMC event.
How much lower it can go? A bit early to say. But I expect gold will bottom in the range 1280 – 1265. My annual forecast remains the same and I expect FOMC will give good dip to go long and we will see next bull run later in June.
I know many of you like scalping. So, be aware – a lot of market noise is expected this week. I trade through all of it, but scalpers have to mark in their calendars UK PMI, US data. The most important event id G7 meeting. But in fact usually there are more talks around it and not much move.
My forecast remains valid untill some important fundamentals will change. We live in times of ‘trumponomic and trumpopolitic’ – who knows what can happen 🙂 I will change my forecast and trade accordingly.