We are still bullish on Gold provided the price remains above 1750.00
Gold is currently at a critical point, close to a descending trend line , below 50EMA and at a resistance zone where price back in July 2020 spent 9 days moving sideways before breaking out. We could be repeating similar price action and move rangebound before we see a breakout.
Every time Gold drops below 1800 it is immediately finding support and the price is pushed back up.
Seasonally Gold is bullish from next week.
we believe a breakout to the upside is on the horizon.
I don't know why, even though this looks good my gut is telling me sell! maybe later i will show you why
MULTIDIMENSIONALTRADER
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@Abzii, Your gut feeling could be right, you just never know with Gold.
I think as long as we remain above 1750, we are still bullish. this time of the year Metals are bullish, August tends to be the month when the yearly high is reached.
The retracement from 1916 was a huge correction to get the price lower for Basel iii regulations. From what I can see is that all the conditions are there for the price to resume its uptrend.
But I know what you mean, because Gold can just meltdown 10% in few days there is always that feeling that it could do it again anytime. However, I have observed this level of meltdown normally happens once a Quarter and we have just has a massive drop last month.
Feel free to share your thoughts, it's always good to get different perspectives.
Thanks
Abzii
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I agree! but also we have already cleared a yearly high breaking highs of all time!
I still trade this pair in small lots. I follow this pair on few different strategies and only enter once all the boxes are ticked. Fundementals, correlating pairs, USD gains/losses and the moving average crossovers... I have been doing this since just a little over a month and all trades have been 100% accurate.
so let us see, I have 3 open sell positions and I feel thaf we have not touched or retested the 1792-1790 mark, once we do it should give me an idea on what position I should open. Another thing I have noticed is aslong as you have a big balance & margin, not only for this pair but others aswell you will not make a loss its good practice to hold your losses and they will correct at some point of the year 🤣.
but yes great work on your otger trades, I have been following you a while now and today joined your telegram so if you come across me on there drop me a message!