GOLD hit the 1DMA200! Why we should start opening long positions

Gold did it again and broke an important Support in 1,845. That led to the price making contact with the 1D MA200 (orange trend-line on the left chart) for the first time since the March COVID global asset meltdown, when the stimulus rescue packages since the event led it to news All Time Highs. That (March) was the only time the 1D MA200 broke (marginally as in 1 week it recovered) since Gold recovered the long-term trend-line back in December 2018.

The right chart shows Gold on the 1W time-frame. The purpose of this is to show how the 1W MA50 (blue trend-line) has been supporting this uptrend since December 2018 and got only touched once (March 2020). That is now at 1,755, a good benchmark up to which I believe is a good opportunity to start building up long-term buys. The RSI has touched its Lower Highs supporting line.

I have also applied the very accurate (been using it successfully on Bitcoin and other assets that are rising parabolically) +0.786 interval Fibonacci Channel. As you see 1.786 and 3.786 have remarkably caught the 2 out of th 3 highs so far. Maybe this is the best buy opportunity for another 3.786 Fib test or even a new High on the 4.786 Fib if we continue rising parabolically!

Do you agree that long-term traders/ investors should treat this as a buy opportunity?


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