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.
Great publication. Graphic analysis as if from textbooks. You can see that you have worked through several timeframes, the older timeframes also confirm your arguments. Thank you for your work!