If you zoom out a bit on this chart and scroll back in time, you'll see I marked out a 6-year accumulation zone marked in that green box. We finally broke above it this summer - coincidentally around the same time Bitcoin was soaring up. Also zoom out and check out the uptrend I marked out.
This $1608 level is marked as weekly resistance and has already been 1st touched so the level is weak. 95% of 1st touches get rejected, so i'm not surprised that Gold didn't break through just yet. That wick is really interesting because it so happened that Gold started soaring then a whole Iran war speculation came about.
Gold is going to go up this year, especially with the corona virus spreading around now, people are panicking and looking for a safe haven to store their assets. Enter Gold/Bitcoin.
As always please do your own research, I am not a financial advisor.
This $1608 level is marked as weekly resistance and has already been 1st touched so the level is weak. 95% of 1st touches get rejected, so i'm not surprised that Gold didn't break through just yet. That wick is really interesting because it so happened that Gold started soaring then a whole Iran war speculation came about.
Gold is going to go up this year, especially with the corona virus spreading around now, people are panicking and looking for a safe haven to store their assets. Enter Gold/Bitcoin.
As always please do your own research, I am not a financial advisor.