Price is currently sat at a very strong resistance level, but we can see it breaking this level and pushing higher, our reasoning for this is the U.S economy is in a bit of a state £22 TRILLION in debt and unemployment on the rise... a recession is just around the corner.
Normally when the Economy is in a mess people run out and buy gold as it is somewhat of a safe investment, So we are expecting price to push higher.
Gold is seen as safe heaven when the stock market goes.
Apex_Gregg
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@Managed_CapitalUK, This is why we believe it will break this strong resistance
marcusfx777
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not sure about the logic around present American debt and gold prices. americas debt was 18 trillion in 2013 and we have seen Gold consolidate since that time. with regard to unemployment - im not sure where your getting your stats but the Nation office of stats states that unemployment has been pretty stable at around 3.9% for the past year
rwashmwai
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I have been following Gold for a while and even set a buy limit however was cancelled due to too margin level. However I see high potential for a breakout.
But 😂 always a but, there might be a piveot point and bounces back to stick between the s/r. Great analysis Gregg👌🏾
ForeverForex3
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What sort of a stop loss will you be putting on this please?
Apex_Gregg
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@ForeverForex3, The type that stops a trade if price is hit haha.
Unfortunately this information is reserved for our clients.
ForeverForex3
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@Apex_Gregg, Haha cheers, i will join you this week :)