Sometimes, you have to see the things from a different perspective, the chart of Gold against major currencies, writing this on the chart: "" TVC:GOLD/((FX_IDC:CHFUSD+FX_IDC:EURUSD+FX_IDC:GBPUSD)/3) "" you can observe that the price has successfully broken out from a long accumulation inside an ascending triangle and that it's about to break the all time high meanwhile if you look at the gold chart against dollar, there is a 4.5% remaining to reach the All time High.
I have been watching gold for a while and in my opinion it can be a good investment for the coming years and taking in to account the recent actions of the FED you can see what is the store of value number one. It always was and It always will be.
Just a small point, in December of 1913 the FED was created and one ounce of gold was worth 20.65$ now, today, more than 100 years later it is worth 1990$. You can see this in two ways, the gold went up a 9536.80% or the dollar went down a 98.96%. Imagine if you had keep your savings in dollars for all that time.
Now, going back to the idea, as you can see in the chart, the first target of the trade is 2229$ which is the height of the triangle and I think that can be easily reached within this year. About the entry, I would recommend wait for a retest of the breakout point, but taking in to account the current situation the chances of retest are not high so to enter now can be a good option.
I recommend to set a stop in 1595 because you can never be sure and the first is to preserve your capital, then grow it.
Basing my opinion in the Fibonacci Levels, I think that GOLD can easily reach 4085 in the coming years as level 1.618.
I hope that you found useful this idea, I will be happy to see your opinion in the comments and don't forget to give a boost if you agree.
I have been watching gold for a while and in my opinion it can be a good investment for the coming years and taking in to account the recent actions of the FED you can see what is the store of value number one. It always was and It always will be.
Just a small point, in December of 1913 the FED was created and one ounce of gold was worth 20.65$ now, today, more than 100 years later it is worth 1990$. You can see this in two ways, the gold went up a 9536.80% or the dollar went down a 98.96%. Imagine if you had keep your savings in dollars for all that time.
Now, going back to the idea, as you can see in the chart, the first target of the trade is 2229$ which is the height of the triangle and I think that can be easily reached within this year. About the entry, I would recommend wait for a retest of the breakout point, but taking in to account the current situation the chances of retest are not high so to enter now can be a good option.
I recommend to set a stop in 1595 because you can never be sure and the first is to preserve your capital, then grow it.
Basing my opinion in the Fibonacci Levels, I think that GOLD can easily reach 4085 in the coming years as level 1.618.
I hope that you found useful this idea, I will be happy to see your opinion in the comments and don't forget to give a boost if you agree.
Trade active:
Keeps going up.