Gold has been bearish since August 2020. Although, it can be clearly seen that the overview of the market on weekly is bullish since May 2019. However, (continue thread below)....
Comment:
We can see that price is currently at a support level (very respected because of the timeframe). Recent price action indicating a flag pattern (bullish continuation) which is yet to be broken. Recent lower high broken, retested and there is a rejection there too.
A break below the 1683 region might lead us to the next obvious support region, the 1525 region. I will advice until there is a close above the present zone with a bullish candle, don’t consider longing long term.
On the fundamental side, some Gold investors are diversifying their income into bitcoin and the crypto at large because of the potential it has. Not too much of a fundamental guy so that’s all I can tell you.. lol
We can see that price is currently at a support level (very respected because of the timeframe). Recent price action indicating a flag pattern (bullish continuation) which is yet to be broken. Recent lower high broken, retested and there is a rejection there too.
A break below the 1683 region might lead us to the next obvious support region, the 1525 region. I will advice until there is a close above the present zone with a bullish candle, don’t consider longing long term.
On the fundamental side, some Gold investors are diversifying their income into bitcoin and the crypto at large because of the potential it has. Not too much of a fundamental guy so that’s all I can tell you.. lol
Comment:
Forget about “the crap” you’re seeing on the daily. That one’s for me. Maybe you could deduce somethings for yourself. Do well to drop your comments and contributions on this too. Trade safely.
Monthly overview clearly shows gold has been bullish even though it took about 9 years to break its ATH since 2011. What can we deduce from the weekly?