short term gold trend

kowloonboys Pro+ Updated   
TVC:GOLD   CFDs on Gold (US$ / OZ)
When was the last time that GOLD up more than 15% in a month? Maybe 2011? For someone long GOLD this is somehow too good to be true. After the crazy rally and now is getting a little uncertainty. Yesterday it hit the uptrend resistance at 1720 level (3rd try since Feb 2020) and now moving back to the average at 1680 level which is rather a safe entry level

Prediction: Bullish for short term and see if it can break the next resistance or not.
Breaking into the support level and the bullish trend outlined last week becomes invalid if price cannot sustained by tomorrow. If that is the case, I may suggest to take profit (or cut loss).

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.