Hi fellas, There are 5 reasons it seems that Gold is likely to enter a Bullish rally in coming days and it may touch 2000 in the coming week or two. Here's Why:
Further in my opinion, one or two 4h candles may close red or doji, before the Bullish rally begins. If that happens, it will give you an opportunity of a better Entry.
Tip: Before taking any Entry, Always do a proper Risk-Reward calculation.
Let me know what you think, and Let's see How Gold moves.
~ Usama
- Trendline Support on 4hr and 1hr timeframe
Last 4hr closing represents an Inverted Hammer (Bullish candlestick)
The 3rd last closing on 1hr timeframe represents a Tweezer Bottom (Bullish candlestick)
There is no Divergence on 4hr and 1hr timeframe
As per Seasonals of Gold, March is Bullish only 30% of times in the last 10 years and yet, March ended strongly Bullish. April, on the other hand, was Bullish 40% of the times, which should theoretically give similar or better returns as the month of March.
Further in my opinion, one or two 4h candles may close red or doji, before the Bullish rally begins. If that happens, it will give you an opportunity of a better Entry.
Tip: Before taking any Entry, Always do a proper Risk-Reward calculation.
Let me know what you think, and Let's see How Gold moves.
~ Usama