Hello fellow traders,
I just want to post this simple analysis on gold. As some of you know I always try to keep the things simple.
As you see on a Monthly chart, I have made a price range, the one if we close above, I am pretty sure we are headed for the new highs. It makes sence in fundamental part also, since I believe in quite a bad recession coming soon, investing in gold and keeping the money there is quite a good idea for big money.
So if we break and hold above 1823 level, I am pretty sure we will see 2000 very fast after that.
With this in mind I see potential two scenarios. Both of which see the soon retracement, but bullish long term.
The first one is that we see rejection at this current 1745-1770 level, and re-test the support at 1558.
Second and at this moment more probable for me is that we go to the upper part of the price range and find a support there at around 1820 level, and then come down to test the support at 1558 which would line up perfectly with 0.61 retracement in that case.
I really appreciate every follow, comment and like, so feel free to let me know in the comments what do you think is coming for Gold.
Wish you all luck ans some smart trades.
I just want to post this simple analysis on gold. As some of you know I always try to keep the things simple.
As you see on a Monthly chart, I have made a price range, the one if we close above, I am pretty sure we are headed for the new highs. It makes sence in fundamental part also, since I believe in quite a bad recession coming soon, investing in gold and keeping the money there is quite a good idea for big money.
So if we break and hold above 1823 level, I am pretty sure we will see 2000 very fast after that.
With this in mind I see potential two scenarios. Both of which see the soon retracement, but bullish long term.
The first one is that we see rejection at this current 1745-1770 level, and re-test the support at 1558.
Second and at this moment more probable for me is that we go to the upper part of the price range and find a support there at around 1820 level, and then come down to test the support at 1558 which would line up perfectly with 0.61 retracement in that case.
I really appreciate every follow, comment and like, so feel free to let me know in the comments what do you think is coming for Gold.
Wish you all luck ans some smart trades.