InvestingScope

XAUUSD: Cycle comparison. 2,800 likely on the long-term.

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
Gold's recent (substantial to say the truth) drop, got many traders and investors on the back foot and understandably so as most expected new stimulus to push the market higher without a correction.

We see a lot of similarities of the recent (2011 - today) Cycle with the previous one (1980 - 2011). After hitting the 1.1 Fibonacci extension , it pulled back to the yellow line and then continued the Bull Run towards the 1.6 Fibonacci extension . That shows that the current (and even slightly lower) levels are an excellent long term buy opportunity. The 1.6 Fibonacci extension goes as high as 2,800.




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Comments

Hello master, when will you post new ideas? greetings thank you
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did you see this 3D ANALYSIS ?
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Nice analysis... I'll keep 1.6 in mind when trading gold. I actually opened a long position a few hours ago around 1940. The retracement might be bigger but i'm feeling confident.
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