Dear friends,
Gold has performed really well and showed that the early crash was only an accident. What would we expect from gold next? Increase, of course, in my point of view.
1. Price starts to climb over the ichimoku cloud, also seems like the lagging span will cross the price line soon. These are very good signals for us to hold more gold.
2. The price structure now seems to finish the 3rd part of impulse wave, marked by numbers in the chart, so I would expect price will visit this year peak again ( around $1700) then starts to go inside the correction period/ before giving us signal of going up or down from this point. This seems reasonable, as I expect from May, the world situation will more stable as the virus will be controlled soon, but till then, gold will bullish as a mean of value. Price can retrace from $1700 zone to start move sideway, before giving us if it want to visit $1800 or not.
In summary, I will open long position when daily price close above the cloud (around $1640), and take profit near the 2019 ATH. Always remember to control the drawdown. I will put sl around $1605.
Leave comments so I will know your opinions and we can discuss more.
Regards,
Gold has performed really well and showed that the early crash was only an accident. What would we expect from gold next? Increase, of course, in my point of view.
1. Price starts to climb over the ichimoku cloud, also seems like the lagging span will cross the price line soon. These are very good signals for us to hold more gold.
2. The price structure now seems to finish the 3rd part of impulse wave, marked by numbers in the chart, so I would expect price will visit this year peak again ( around $1700) then starts to go inside the correction period/ before giving us signal of going up or down from this point. This seems reasonable, as I expect from May, the world situation will more stable as the virus will be controlled soon, but till then, gold will bullish as a mean of value. Price can retrace from $1700 zone to start move sideway, before giving us if it want to visit $1800 or not.
In summary, I will open long position when daily price close above the cloud (around $1640), and take profit near the 2019 ATH. Always remember to control the drawdown. I will put sl around $1605.
Leave comments so I will know your opinions and we can discuss more.
Regards,
As expected, but seems like gold will climb higher with current RSI and MACD. Possibly $1800?