Gold remains highly bullish and is now is in line with the seasonal expectations.
The price is showing reluctance to go down deeper and is finding buyers as soon as the price dips a little.
The last time gold behaved in such a manner was back in June-Aug 2020 when the price increased by 24.28% in the space of 46 trading days with very little retracement on the way up.
The current bullish move has only done 14.03% therefore has a lot more scope for higher prices if we were to compare to the measured move back in June -Aug 2020.
Also if we look at the quarterly price action of Gold over the past year you will notice that after the high in Aug 2020 every quarter we have been taking out the low of the previous quarter. However, we have now broken the market structure this quarter and the momentum has shifted to bullish from which we can assume further movement up until the end of June targeting the 1990 area.
Taking into consideration the seasonal outlook which indicates that metals are strong during the summer and Gold tends to put in the high for the year between Aug -Sep we will remain bullish and buy the dips.
We have highlighted the levels in blue for buy opportunities and the levels in red for targets in the coming month.
Please note that Gold can also be punishing and can correct 10% in just a few days and change the market structure. We still have one day left for the month of May.
Trade with caution as its bank holiday in the US and UK and sometimes due to low volume this could cause volatility .
Please like and comment and share your thoughts. We would love to hear your thoughts on Gold .
The price is showing reluctance to go down deeper and is finding buyers as soon as the price dips a little.
The last time gold behaved in such a manner was back in June-Aug 2020 when the price increased by 24.28% in the space of 46 trading days with very little retracement on the way up.
The current bullish move has only done 14.03% therefore has a lot more scope for higher prices if we were to compare to the measured move back in June -Aug 2020.
Also if we look at the quarterly price action of Gold over the past year you will notice that after the high in Aug 2020 every quarter we have been taking out the low of the previous quarter. However, we have now broken the market structure this quarter and the momentum has shifted to bullish from which we can assume further movement up until the end of June targeting the 1990 area.
Taking into consideration the seasonal outlook which indicates that metals are strong during the summer and Gold tends to put in the high for the year between Aug -Sep we will remain bullish and buy the dips.
We have highlighted the levels in blue for buy opportunities and the levels in red for targets in the coming month.
Please note that Gold can also be punishing and can correct 10% in just a few days and change the market structure. We still have one day left for the month of May.
Trade with caution as its bank holiday in the US and UK and sometimes due to low volume this could cause volatility .
Please like and comment and share your thoughts. We would love to hear your thoughts on Gold .
