Hello guys. I just want to share with you my long term view on gold. This is a weekly chart, so let's put some arguments on the table.
The gold maybe (JUST MAYBE, FOR NOW) in the sideway channel, but we don't know for sure, as we currently have 75% confirmation for the sideway channel. To get 100% confirmation of the sideway channel we need another low in the 1680 area. If that area holds the market and we get a bullish pattern there, we can start acting like we are trading a sideways channel on the lower time frame as well (That is, if we get a bullish pattern, we should establish long positions at the bottom of the sideway channel). Actually, this makes sense, because as you know gold is a safe haven and is considered a hedge against inflation, and the price of gold tends to rise in times of uncertainty and wars. So, as you all know, we have extremely high levels of inflation, an energy crisis and war. It seems that the situation is not good at all, and reading various reports that are available to the general public, I conclude that this is all just the beginning. So gold has a lot of potential to double its value. BUT NOT NOW (not this week or month!!!! We still have a bearish trend in gold as well as seasonal summer bears). As long as the US dollar is strong, there will be pressure for gold to rise. But if you read various economic analysis you can read in those reports that many experts predict that the US dollar will lose at least 50% of its value. So, with all this in mind, we should be monitoring gold in the fall, but keep in mind, guys, that this would be a long-term investment, if all goes according to plan. I will do an update for this plan, every month (aBd), considering that it is a long-term investment in gold and protection of our money.
The gold maybe (JUST MAYBE, FOR NOW) in the sideway channel, but we don't know for sure, as we currently have 75% confirmation for the sideway channel. To get 100% confirmation of the sideway channel we need another low in the 1680 area. If that area holds the market and we get a bullish pattern there, we can start acting like we are trading a sideways channel on the lower time frame as well (That is, if we get a bullish pattern, we should establish long positions at the bottom of the sideway channel). Actually, this makes sense, because as you know gold is a safe haven and is considered a hedge against inflation, and the price of gold tends to rise in times of uncertainty and wars. So, as you all know, we have extremely high levels of inflation, an energy crisis and war. It seems that the situation is not good at all, and reading various reports that are available to the general public, I conclude that this is all just the beginning. So gold has a lot of potential to double its value. BUT NOT NOW (not this week or month!!!! We still have a bearish trend in gold as well as seasonal summer bears). As long as the US dollar is strong, there will be pressure for gold to rise. But if you read various economic analysis you can read in those reports that many experts predict that the US dollar will lose at least 50% of its value. So, with all this in mind, we should be monitoring gold in the fall, but keep in mind, guys, that this would be a long-term investment, if all goes according to plan. I will do an update for this plan, every month (aBd), considering that it is a long-term investment in gold and protection of our money.