My gold bias is up.
I believe that gold is bullish right now and is in a pennant formation looking to break to the upside. Pictured on the chart, I have shown a chart pattern that has retraced to the 236 Fibonacci with a potential extension to the 272 above — putting gold at $2500 an ounce.
Reasons why I believe that gold likely goes up from here is
1. the long consolidation period that we have been in coupled with the fact that gold junior minors has started to outperform seniors which is a sign of bottoming that the riskier part of the market is not only holding their salt but is outperforming the less riskier parts.
2. Gold is cheap as it’s ever been inflation adjusted while inflation is showing itself through supply chains and expected to rise through the year.
Does this mean that gold will definitely outperform? no but as a value trader, I am not looking to sell gold at the moment. I believe that is cheap and will play this from a technical perspective and a fundamental one at the same time
happy trading
I believe that gold is bullish right now and is in a pennant formation looking to break to the upside. Pictured on the chart, I have shown a chart pattern that has retraced to the 236 Fibonacci with a potential extension to the 272 above — putting gold at $2500 an ounce.
Reasons why I believe that gold likely goes up from here is
1. the long consolidation period that we have been in coupled with the fact that gold junior minors has started to outperform seniors which is a sign of bottoming that the riskier part of the market is not only holding their salt but is outperforming the less riskier parts.
2. Gold is cheap as it’s ever been inflation adjusted while inflation is showing itself through supply chains and expected to rise through the year.
Does this mean that gold will definitely outperform? no but as a value trader, I am not looking to sell gold at the moment. I believe that is cheap and will play this from a technical perspective and a fundamental one at the same time
happy trading
