GOLD is setting up for what could be the biggest trade of 2022.
We can see that we've had a major impulse starting from late 2018 through to mid 2020. After which we were and still in a correction but that looks to be coming to an end soon. We have multiple confluences indicating that we may see strength soon at the 1680 level. These are:
- Ascending trendline
- the 61.8 fibonacci
- Structure
At this very moment we seem to be in a bear flag on the lower timeframe. We can take advantage of this shorting opportunity before we arrive at our ideal level to buy Gold!
Short Term Trade Idea (SHORT):
- On lower timeframe, look for bear flags
- Enter on break of correction with stops above the correction
- Target the 1680 level
Long Term Trade Idea (LONG)
- Watch for price to come to the 1680 level
- Watch for bullish price action
- Enter with stops below the anticipated bounce
- Targets: 2070 - 2240
Let us know what you think in the comments! Goodluck!
We can see that we've had a major impulse starting from late 2018 through to mid 2020. After which we were and still in a correction but that looks to be coming to an end soon. We have multiple confluences indicating that we may see strength soon at the 1680 level. These are:
- Ascending trendline
- the 61.8 fibonacci
- Structure
At this very moment we seem to be in a bear flag on the lower timeframe. We can take advantage of this shorting opportunity before we arrive at our ideal level to buy Gold!
Short Term Trade Idea (SHORT):
- On lower timeframe, look for bear flags
- Enter on break of correction with stops above the correction
- Target the 1680 level
Long Term Trade Idea (LONG)
- Watch for price to come to the 1680 level
- Watch for bullish price action
- Enter with stops below the anticipated bounce
- Targets: 2070 - 2240
Let us know what you think in the comments! Goodluck!