📌Mancini tweeted back on May 24th, 2019, “There’s a nice cup and handle base forming here on the 1hr chart and if it can break out at $1289 it should target $1300 which would setup Gold well to break out of the range its been in for the past month and rally into June.”
📌Mancini, a full-time Crude Oil (CL) and SP500 (ES) futures traders, added 2 hours ago via Twitter, “Gold had its best week this year and broke out of a ‘falling wedge’ building since Feb. Looking to $1320 next week but the “measured move” for this wedge should take it to test the key $1370 level this summer.”
📌Later, on the SP500 Index, he added: ” Not interested until it hits $2720.”
Gold breaking $1300 = Bad news for Dollar Bulls
Mancini’s notes on Gold were published on May 24th. Also, we had the opportunity to share our commentary on the metal’s medium-term future in 2019.
[Our notes can give you some inspiration to take this trade or interest you in joining our channel.]
📌Gold surprises markets (retail/institutional traders). Our team expects a new high in 2019 between $1370/$1390 an ounce. If FOMO -Fear of Missing Out- kicks in even higher: $1460 level.
📌US Dollar Index drifts lower in a multi-week (deep) pullback landing somewhere between 94.10 (38.2% Fibonacci) /91.80 (61.8% Fibonacci). Note: We all know the greenback is highly overbought, not a secret. A lower US dollar will let Emerging Markets breath.
📌Price Rotation for Gold: $1250 low to 1380 high. This view is applying trend Fibonacci from $1920 (September 2011) to $1040 (December 2015).
All in all, our views are aligned with other trading veterans and we think you need to consider receiving our trading and investing ideas to avoid missing out on low risk and high reward opportunities. 📩Subscribe Now | 🎥 YouTube: Market Traders Daily