Gold has now triggered a new weekly Time@mode trend signal in the weekly timeframe, which implies continuation of the main long term trend that started at the August 2018 bottom.
There's also an active quarterly trend, which aims even higher over time in it. I'm long miners currently, and looking to buy into metal positions as well on dips.
Buying now is an option, but you would need to be ready to add on retracement if it happens. This trend is valid while over 1280, until mid August. By then we should go towards 1371 ish or the signal will be a failure.
Trade closed manually
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This trend might fail, like it did 3 times so far, after explosively breaking over 1300, buyers go into a FOMO frenzy and push it close to the recent tops, but then it fails to sustain the advance. I noticed FOMO among emotional clients of mine lately, right at the very high yesterday...I would exit gold positions if long and wait for it to consolidate or retrace.
What is your gold outlook from here since we have broken out into multi year highs? Are we really going much higher?
IvanLabrie
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@ambrosia, looks like there's a massive 2M timeframe trend. I'm keen on buying into it during July-August, ideally substantially lower than last month's high.