There is some hope for the Gold Bugs

The Precious Metal markets took a punch last Monday because of coronavirus vaccine news and the gold futures contract dropped more than 100$ in just one day.

Extreme high bearish energy levels we have last seen in the February to March 2020 coronavirus panic selling cycle which could cause gold to drop further into the end of the year.

However, there is enough hope for the gold bugs that with the next small lower correction low of the week (1848$), what is now the so far absolute low of the correction, the entire correction cycle has ended!

Because this is now valid: 2 different weekly GUNNER24 Setups show this possibility at the same time.

But IF the gold prints another lower correction low AND a weekly close below 1846$ UNTIL END of NOVEMBER, the gold is expected to drop further into year end and should backtest big, big MAJOR GUNNER24 Support Horizontal of 1772$.

We can study this at alltime-high (ATH) started gold correction cycle and its resulting signals in detail. With the help of this next following weekly 8/9/13 Candles GUNNER24 Down Setup.

The at the final 2020 Low triggerd overall bull market we can analyze with the help of a weekly 6/9/13 GUNNER24 Up Setup. This is then the next but one picture. The two views taken together – longterm bull market vs. midterm corrrection cycle – allow us to conclude that the final low of this correction might be the on Monday served 1848$.

Blue Arc remains main support because it is triple confirmed week low rail. Two of the correction lows which define the course of the Blue Arc are oriented to a Fib number. The 8 & 13. Such 3 exact confirmations of the Blue Arc is somewhat rare and this is why it is main support of this correction what for the week is at No. 15.

This week correction low was the very accurate first test of the first square line what is automatic support out of ATH and Blue Arc combined.

==> Now Blue Arc and the first square line are future main supports for gold. Both radiate week low support and weekly closing base support.

Therefore this is now a valid resp. solid view:

1. Both supports together and combined might be responsible for the final low of the correction and could trigger a weekly bounce cycle starting soon what could be stronger evidence that this week 1848$ is the final or another next midterm low of the correction.

2. This week 1848$ could be the final low of the entire correction as long the Blue Arc & first square line will not be broken downward on weekly closing base.

But the bulls should fear a week close below the 1846$ first square line support rail as such week close would have broken both supports in one go, and usually such a then lowest correction close triggers the red-dotted arrow downcycle path what usually should test 1st double arc support downtarget and the 1772$ Main GUNNER24 Support Horizontal towards week # 21 Fib number of downtrend.

==> The official sell-signal is IF the gold prints a week close below below 1848$ first square line support until end of November it has to come to the very textbook backtest of the yearly 1772$ GUNNER24 Support Horizontal backtest magnet arround the end of 2020!

But as this weekly 6/9/13 Candles GUNNER24 Up Setup captures the correction cycle and the latest developments the gold bulls may well get a little euphoric.