GOLD Oversold RSI level Long

GOLD (US$/OZ)TVC

Description

⋅ May 18, 2022 11:00 PM

Gold is oversold at this point (RSI under 30).
Shouldn't the inflation and the war be positive for Gold?
So why it is trading at the July 2020 level??

My short term price target is a reversal to the $1883 resistance.

Looking forward to read your opinion about it.

Comments

GustavoK

⋅ May 19, 2022 8:28 AM

I think gold is not going to do, what we are expecting (ATH)...
Equities, commodaties and crypto, will all fall hudge.
Maybe the safe heaven of this "bubble crash" will be U.S. 30y bonds like what happened in 2008

TopgOptions

⋅ May 19, 2022 8:42 AM

@GustavoK, thanks for sharing your perspective!

renopentecostes33

⋅ May 19, 2022 3:25 AM

maybe not, I think the gold will drop in 1700 because the support 1815 is used multiple times.

TopgOptions

⋅ May 19, 2022 7:51 AM

@renopentecostes33, interesting opinion.

Dreadroot

⋅ May 19, 2022 6:17 PM

I'm bearish at this point, currently underwater with a long opened foolishly around 1880 (and 2 shorts which are green). The situation in China, interest rates, etc., will perhaps keep gold from going up in the upcoming period (imo). I expect it to retest ~1800 and under, and then go up a bit.

Dreadroot

⋅ May 19, 2022 7:27 PM

@Dreadroot But your call was definitely accurate for the price movement of today. Now it's gold that's overbought & DXY oversold, so I assume a correction is about to come.