Hi fellow tradingviewers,
I am back with another long term view. This time it is on gold. Please remember, that this is not financial advice, i am only showing you guys my view on things and there is no guarantee that this is going to play out.
If you guys like this analyses, please dont forget to leave a Like. and if you have any questions or thoughts let me know below!
Lets get starting:
Daily timeframe:
We are currently breaking out of the bullish wedge on Gold, we bought the retest on the wedge formation and are expecting gains for the coming days (Green arrows). This wedge could in theorie get us past the major resistance zone around 1340/1350. If that resistance would break we can expect the outbreak of a huge cup and handle pattern on the daily timeframe (Blue arrows). which in theorie could get us past the 1420 area. where there is very little resitance that stops the price. Making it possible to gains towards the 1480/1500 area.
Weekly timeframe:
on the weekly timeframe we are seeing the possible forming of a ascending triangle. The ascending triangle would be the next support if the cup and handle pattern and the wedge fail to breakout to the upside. If that pattern would breakout to the upside we could see gains reaching as high as the 1700 region(Red arrows).
On the weekly we are also seeing support on the 200 moving average, which usually is a pretty strong indicator that we are in a bullish trend.
Remember we still have a long way to go before any of these thing are going to play out. And news or sudden sentiment changes can change everything. But i thought i would give it a share and ask you guys, what do you think about this?
I would have liked to upload 2 different charts on tradingview but since i am not PRO yet this will have to do the job. I hope that it is clear enough and if not send me your questions.
If you have any questions or remarks please leave them in the comment section below, or send @blockchainuser a DM on instagram!
I am back with another long term view. This time it is on gold. Please remember, that this is not financial advice, i am only showing you guys my view on things and there is no guarantee that this is going to play out.
If you guys like this analyses, please dont forget to leave a Like. and if you have any questions or thoughts let me know below!
Lets get starting:
Daily timeframe:
We are currently breaking out of the bullish wedge on Gold, we bought the retest on the wedge formation and are expecting gains for the coming days (Green arrows). This wedge could in theorie get us past the major resistance zone around 1340/1350. If that resistance would break we can expect the outbreak of a huge cup and handle pattern on the daily timeframe (Blue arrows). which in theorie could get us past the 1420 area. where there is very little resitance that stops the price. Making it possible to gains towards the 1480/1500 area.
Weekly timeframe:
on the weekly timeframe we are seeing the possible forming of a ascending triangle. The ascending triangle would be the next support if the cup and handle pattern and the wedge fail to breakout to the upside. If that pattern would breakout to the upside we could see gains reaching as high as the 1700 region(Red arrows).
On the weekly we are also seeing support on the 200 moving average, which usually is a pretty strong indicator that we are in a bullish trend.
Remember we still have a long way to go before any of these thing are going to play out. And news or sudden sentiment changes can change everything. But i thought i would give it a share and ask you guys, what do you think about this?
I would have liked to upload 2 different charts on tradingview but since i am not PRO yet this will have to do the job. I hope that it is clear enough and if not send me your questions.
If you have any questions or remarks please leave them in the comment section below, or send @blockchainuser a DM on instagram!
Comment:
We have followed our path almost perfectly, where we are now almost at the first taking profits area around 1490-1500. Leaving us with immense profits. I hope some of you followed our idea to make some money. We will post a full new analyses after reaching the stated first zone!
