Long on gold at the break upward of this blue trend line. I’d rather get it on a pullback to the red line 200sma. Markets falling & other economic factors could easily see gold up to $1700 by next year.
I am bullish on gold no matter what the world throws at it. Global Stock Markets and Forex has become the den of speculation, not to mention crypto (I still hate em). In this turmoil, I believe nothing is better than good o'l gold. Slow and steady up, elliott wave channel, low volatility, yummy.
I identified two rising channels developing since August, along side with a smaller one. There was a breakout towards downtrend in the upper channel.
I sold a call credit spread to short the position. Currently, it seems that it is about to break the lower rising channel.