We correctly predicted that gold would move along the upper channel line for few days before moving higher. Yesterday gold decoupled from the upper channel line to the upside. RSI and MACD are bullish. Stochastics is also reversing to the bullish side. We expect gold to continue go higher and subsequently reach our price targets. Our short term price target of 1850 USD remains in place. Similarly, our medium price target of 1875 USD also remains in place.
Developements from 26th July 2021: Here we suggested that gold would move along the upper channel line before finally moving higher.
Developements from 30th June 2021: Here we hinted at divergence between price and RSI. We also correctly predicted end of correction and reversal in price direction to the upside.
Developements from 26th May 2021: Here we suggested that gold was reaching overbought zone in the short term. We also hinted at growing odds of shortlived correction.
Developements from 16th April 2021_ Here we correctly predicted move to the upper channel line.
Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
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Due to high correlation of EURUSD with gold we view recent reversal in EURUSD to the upside (from its recent lows) as good developement for price of gold.
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Green line = 20-day Simple Moving Average Blue line = 50-day Simple Moving Average Red line = 100-day Simple Moving Average
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We expect price to break above Resistance 1 at 1834.195 USD within following trading seassons.
@paul2k99, I know, thank you very much. Hehe. Feel free to suggest anything you would like me to look at if there is anything. Also PM me anytime you would like.
paul2k99
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@Tradersweekly, just one thought maybe the levels you mentioned are partial i think we will move past 1920 in this wave.
Tradersweekly
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@paul2k99, I am not sure whether we will move there in this wave but I agree with you on the fact we will get there. I think there is high likelihood of gold going above 2000 USD and possibly (if all things are aligned for gold) above 2100 USD over the next 12 months. I am personally very bullish and I do not see why price of gold would experience dramatic fall. We can observe that EURUSD pair reversed from its recent lows which is a good sign for gold too. We ideally do not want to see weakness in EUR since it is so highly correlated to gold price. Thank you for your response Paul2k99.
msmethodart
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Nice work
Tradersweekly
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@msmethodart, Thank you so much for your response and kind words. Please feel free to suggest anything you would like me to analyze.