On the daily time frame there are multiple confirmations to tell me the market is going to be bullish in the coming weeks. We have seen a long term uptrend since June 2020. Up until now where we are faced with an area of consolidation since late July 2020 to present time (January) it almost seems as though a flag pattern has formed on the daily. My reasoning for this is drawing the Fib from the Previous Higher Low to the Previous Higher High, price failed to push past the 50% zone as well as dynamic support from the 200 EMA before retracing to the 38% zone and failing to push past since. Price also has the potential to get squeezed between the 50 & 200 EMA's and then breakout into upward movement.
Overall; short term I believe we will see some bearish movement before we see any kind of major bullish movement, but as far as entries go I personally am going to wait until we test support levels again before entering any kind of long position.
I would also like to mention that I am a beginner trader so please do your own due diligence before taking trades. I would really appreciate feedback from others just to get their outlook on GOLD for the long-term future.
Overall; short term I believe we will see some bearish movement before we see any kind of major bullish movement, but as far as entries go I personally am going to wait until we test support levels again before entering any kind of long position.
I would also like to mention that I am a beginner trader so please do your own due diligence before taking trades. I would really appreciate feedback from others just to get their outlook on GOLD for the long-term future.