Dear all traders,
My view on gold does not change. My target on gold in short term (in May 2020 to June 2020) would hit to 1806$ per ounce. I want to explain why I predict the target 1802$.
Gold broke out of the classic triangle pattern was set up among April 2020 to hit 1765$ per ounce on May 18 2020.
I suppose the wave 1 started at 1698$ per ounce and ended at...
Gold will break out of the triangle soon with a short term target at 1750&1795 and a long term target at 3000, a middle target at 2050. All of long position have to set up the stoploss at 1650. If the 1650 support would not be acceptable, I will consider to reopen a long position at 1600.
There is no trend on the daily chart of gold.
The daily gold chart is in a triangle pattern. The metal would break out of the triangle that will continue to reach the higher line of BBs on the daily chart .
On the lower side, goldusd will touch the lower line of BBs on daily chart if the support 1675 is not acceptable.
Goldusd is downtrend with MACD is nagative. Goldusd could reach the lower line of BBs on the daily gold chart. The level that Goldusd could touch the lower line of BBs on the daily gold chart is a good opportunity to buy gold.