My name is Philip, I am a German swing-trader with 4+ years of trading experience and I only trade stocks, crypto, options and indices🖥️
I only focus on the higher timeframes because this allows me to massively capitalize on the major market swings and cycles without getting caught up in the short term noise. This is how you build real long term wealth!
In today's anaylsis I want to take a look at the bigger picture on Gold.
Looking at the higher timeframe on Gold you can see that last November Gold perfectly retested previous resistance in confluence with the 50% fibonacci retracement level.
At the moment Gold is trading in a massive bullish continuation flag and is once again rejecting resistance - however after a short term drop I am looking for an agressive bullish breakout.
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I know that this is a quite simple trading approach but over the past 4 years I've realized that simplicity and consistency are much more important than any trading strategy.
Keep the long term vision🫡
Comment
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New Update:
As you can see Gold is perfectly following my last analysis with this recent drop and we could still see more bearish pressure.
I am now waiting for a potential reversal at the $1820 level or at the $1640 level before I do expect a bullish flag breakout.
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I know that this is a quite simple trading approach but over the past 4 years I've realized that simplicity and consistency are much more important than any trading strategy.