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GC #F Gold set for 1324.70 in 33 days
Many experts have pointed out that Precious Metals maybe setting up for an opportunity of a life time in the months to years to follow. On the daily chart above we have drawn an axis line at 1288.70 which is according to our proprietary setup pattern, the “balance point” between Bullish and Bearish conviction. Let’s call it the starting point for attracting strong buying. Buying pressure also started to get the upper hand. The possibility exists the market can experience some resistance to the upside from this level and sell off to a lower level before starting a material advance.
A solid close above this level with continued buying pressure should drive the market to around the 1324.70 level in the short term over the next 33 days (end of May), based on our calculation of the expected move according to current volatility:
A bounce to the down side from the current level with some sideways price action is a possibility, before any major advances to the upside materialize.
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