SynergyCapital

A long term look at Gold on the weekly chart, 2000 in sight?

FX:XAUUSD   Gold Spot / U.S. Dollar
Dear traders, selling Gold at 1870 was quite profitable for us. However, sometimes, looking at the
weekly chart helps us gain useful insight into the long-term trend of an asset.

Since 2019, Gold has consistently traded above the 100-week EMA . In addition to this ,the
100-week EMA has proved to be dynamic support to Gold on multiple occasions as shown in the chart.


Despite dropping to the 100-week EMA last week, Gold made a pretty impressive recovery and the bears
were unable to take Gold below the crucial levels. The bulls have managed to defend this level once again and
thus there's a chance that Gold will take off higher from here.

So, if the price action continues to be bullish at the 1800 level, I will look to buy the dips in Gold with 1900
and 2000 as my Take profit levels.


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