GOLD, In The Volatility Zone, Climbing Its Way To The Upside!

Hello Traders Investors And Community, welcome to this fundamental important analysis about GOLD where we are looking at the recent sophisticated events, the current importances of GOLDs price action, and what we can examine in the further outcome of GOLDs cultivation. The last hours and days we saw an increase of the corona-fears as the infection rate surged to new highs there entered supply the market similar to the events we have seen in March this year where almost every asset-class gone to the downside in a volatile manner but as this situation has recovered the old patterns and fractions seem to pop up again, as we can determine the increasingly bearish action in the stock-market GOLD is moving to the upside as more and more people relying on the real money hedge GOLD like it was seen in past price action where GOLD experiences gains in stock-market and economy crashed, at the moment similar mechanisms moving.

On the technical side, we can examine GOLD in a clear uptrend which you can see in my chart with good and healthy volatility within the uptrend-channel and a speeding up of momentum. As you can see in my chart marked with the green halve circles GOLD has solid support bases on its way to the upside which can confirm as those in further price action when GOLD reaches these levels. Furthermore, we have this extremely old key-level in 1800 which is more than 8.5 years old as of writing therefore when this level which you can see marked in orange in my chart confirms to the upside it can serve as a strong and solid support in further price development. Furthermore, we have the wave 5 of the overall wave count currently establishing and pointing to the upside where it can travel when confirmed above this significantly important key-level.

Overall GOLD is in a really sustainable and established uptrend here with good volatility in the range which is not only backed in technical means but also by the stock-market decline where GOLD classically serves as a hedge against and anticyclical market mover. All these factors playing in the bullish continuation scenario which will highly likely develop in such an environment. Although it is the highest possible outcome we should keep in mind that this can also change when GOLD reaches its goals and supply enters the market as the stock market begins to stabilize but at the moment this is not in near sight. This finally wave in GOLD to the upside can be traded on the long-side with targets at the red Fibonacci zone you can see marked in my chart when this has confirmed properly we have to examine and elevate how GOLD reacts in this zone, possible is minimum a smaller or bigger correction.

In this manner, thank you for watching, support for more market insight, have a great day and all the best my friends! ;)
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Information provided is only educational and should not be used to take action in the markets.

Comment:

ANALYSIS UPDATE: GOLD bounced within the lower boundary of the ascending channel to form the completion of the wave count with the finalization of wave 5.

Since the finalization of the wave 5 GOLD moved on with a massive breakout increasing huge volatilites.