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StealPipsSal
Jan 4, 2021 12:02 AM

Gold setting up for a rocket launch  Long

GoldOANDA

Description

Gold has pushed up to the 1911 zone just as I had anticipated and I believe the temporary dollar strength and short term downtrend should push it down for the meantime. However, I noticed that gold is setting up a massive inverted head and shoulders on the daily timeframe, which is indication of a bullish reversal. Higher time frame zones are often more respected than the lower time frame zones so I believe if gold pushes down to the 1856 zone then you will see massive buying pressure there. The stock market may see some downside this week so investors may rush to gold as a safe haven; as a result, pushing the price up. I'll be looking for longs on around the 1856 zone upon the completion of the right shoulder and I'll be targeting around the 1954 zone, an area right before November's highs. This may be a great swing trade opportunity if this pans out.
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