Gold has been moving down this year but it looks like that is about to change. With inflation at over 5%, it is surprising gold is lagging behind. I see this as a great opportunity, as well as maybe for institutions already, to start hedging for whats ahead.
The analysis: Starting from the weekly chart on the right, it appears gold has finished the correction phase of the Elliot wave (ABC) and is currently on wave 3 of the bullish impulse wave. I see anytime here is a good entry and with a 4-5% stop loss seems fair if my analysis is wrong.
Day trade opportunity as well on the 1 hour chart. Gold just broke out of a similar downtrend channel and just finishing an Elliot wave correction. MFI and RSI also confirms upwards momentum with lastly a big green candle on the previous hour of this posting.
Please leave a like or a comment if you have any feedback. Would encourage me to post more. Also follow me on twitter, I have several trades opened $GLD and you can follow them there. Good luck out there!
The analysis: Starting from the weekly chart on the right, it appears gold has finished the correction phase of the Elliot wave (ABC) and is currently on wave 3 of the bullish impulse wave. I see anytime here is a good entry and with a 4-5% stop loss seems fair if my analysis is wrong.
Day trade opportunity as well on the 1 hour chart. Gold just broke out of a similar downtrend channel and just finishing an Elliot wave correction. MFI and RSI also confirms upwards momentum with lastly a big green candle on the previous hour of this posting.
Please leave a like or a comment if you have any feedback. Would encourage me to post more. Also follow me on twitter, I have several trades opened $GLD and you can follow them there. Good luck out there!
Comment:
Might have spoken too soon on the hourly but outlook is still bullish. 4 hour chart shows previous resistance line now acting as support. Most of the sell off was quickly picked up with confirmation of 2 bullish hammer candlesticks.
