Hopefully you will of already bought gold last Friday with the major dip down to weekly support again at 1860. If you haven't there is still time.
We are currently trading inside a giant bull flag and I expect prices to move up to test a breakout of the flag over the next few weeks. Stop loss at 1855.
Further we had a nice inverse head and shoulders break today...
Finally, I am back!
This is about gold. nowadays I am focused on Oil and Gold, so let's go.
last week we had a great bullish impulse on Gold. this is a very important level and controversial reversal area as well.
I am totally long about Gold, thus the next target potentially can be 1765.
let's see if it can close above the yellow zone then it would be bullish....
After reading series of books on trading I find that realistically (other than EMA/SMA) none of the indicators give us significant enough leverage to place trades with confident levels. I still like the ADX. Stochastics and RSI as both directional and volume indicators. Buying APPL in here is nothing short of madness. Just compare this chart to BTC from late 2017....
Last post: July 13th 2019.
Review: Price was consolidating.
Update: Since then we have seen a nice move to the upside but price is now starting to pull back, using the $1,500 round number as support.
Conclusion: To confirm a continuation of the upside, we want price to break...
There could be another wave up to go on gold. Obviously not overnight but if the market sellout continues into 2029 this next leg will become more possible. Elliot Wave and Harmonics AB=CD indicative of potential big move on gold.