We maintain an optimal cycle target of $1740 – $1780 in the opening weeks of October.
Miners are back-testing the breakdown trendline and the 10-day EMA ($39.66). The technical pattern resembles an ABC measured move to a target encompassing $33.50. Prices could turn back lower between now and Friday. It would take progressive closes above $40.00 to promote an alternate scenario.
The correction into an intermediate low is filled with twists and turns, some convincing – do not be fooled.
The current rebound in gold should be limited to $1900 to $1920 before prices turn lower. We maintain an optimal cycle target of $1740 – $1780 in the opening weeks of October.
How markets react to tonight’s presidential debate will be interesting. Prepare for increased volatility.
Reprinted from FXempire, the copyright all reserved by the original author.
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