Don't forget to smash the like and follow button if you feel it deserves it.
Trading idea: For those who have a longer term time horizon Buy on the break out of the resistance line of both patterns or go short once key supports are broken.
200 DMA: Gold is trending above which is very bullish Bitcoin needs to retrace above for the trend to officially change. Currently at around 5.8k.
BB my friend
Im not sure how much experience you have n trading and what your track record is like
But this Gold call seems to be a little pre-meditated
If US China deal goes through, Gold has no option but to retrace to wehere it came from, low 1200, at least.
Then when US gov shut down will come to an end, another spike in market will come
Seems abit risky to short SPX or long gold now, dont you think
UnknownUnicorn1615160
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@NQ95, I'm not looking at Gold as a short term play. This is a 5 year inverse head and shoulder developing. I see weakness in the US Dollar that will benefit Gold mainly due to the Fed not expecting to hike interest rates anymore this year. So what you'll see is possibly an artificial pump in stock markets this year as well as Gold rising. Just because one rises doesn't mean the other has to fall in timing or proportion. More investors are getting Gold exposure as a longer term play expecting recession in the next 1-2 years.
I will be publishing an interesting Gold vs. Dollar publication soon. Be on the lookout. I think you'll find it interesting.
If the fed rises rates gold goes up as worries over the economy and debt grow
if fed doesnt, dollar will seem weak, debt risk isnt getting solved so gold is a good option again. Im looking forward to your next post then
Where do you look for up to date market news btw if you dont mind me asking
Im not sure how much experience you have n trading and what your track record is like
But this Gold call seems to be a little pre-meditated
If US China deal goes through, Gold has no option but to retrace to wehere it came from, low 1200, at least.
Then when US gov shut down will come to an end, another spike in market will come
Seems abit risky to short SPX or long gold now, dont you think