I pray for a cease fire but before that GOLD is super bullish and highly dependent now on fundamentals rather technicals.
Gold broke out from descending channel and final target of this pattern is $1995.
We see a bearish cypher pattern which completes at $2012 and we can stretch it max to $2018 so thats where price should technically reverse but if it doesn't reverse here then expect $2060-2065.
Last week Gold opened up with a gap of $20 and its highly possible that we can see it open up with a gap if war situation gets worse. Most of the people are shorting so I would suggest avoid it till we have any news of cease fire. People are thinking that we are way overbought and it should correct but understand the fact the markets are random, you just gotta adapt and adjust based on price movement and structure. So keep an eye at $1953 level on daily if we are closing above it, I don't see any strong level till $2063.
Gold broke out from descending channel and final target of this pattern is $1995.
We see a bearish cypher pattern which completes at $2012 and we can stretch it max to $2018 so thats where price should technically reverse but if it doesn't reverse here then expect $2060-2065.
Last week Gold opened up with a gap of $20 and its highly possible that we can see it open up with a gap if war situation gets worse. Most of the people are shorting so I would suggest avoid it till we have any news of cease fire. People are thinking that we are way overbought and it should correct but understand the fact the markets are random, you just gotta adapt and adjust based on price movement and structure. So keep an eye at $1953 level on daily if we are closing above it, I don't see any strong level till $2063.
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