I believe we continue forming a bowl formation. The green and yellow lines being support. We are staying above the 200 day moving average for now. It seems to me that gold will trade sideways with a low of $1785 and a high of around $1830 until March 2022. By March timeframe we'll break through the blue line resistance and see more bullishness. This is not financial advice.
Post March, the FEDFUNDS rate hikes may affect the price of gold. However, in the long run, I think the fed will be forced to drop rates again and gold will continue to climb.
Post March, the FEDFUNDS rate hikes may affect the price of gold. However, in the long run, I think the fed will be forced to drop rates again and gold will continue to climb.
Comment:
We're above the 200 day MA on the 1-day chart. Sorry, that is not shown here. The 1-day chart shows we've bottomed and there is a trend reversal on 200 day.
