From a longer term perspective Gold has been in an uptrend. That was until price hit the highs of $2,070. From here price has pulled back significantly and was under heavy bearish pressure. That was until price pulld back into the Weekly order block ($1,745). From here price bulls came out on top, price consolidated a bit before breaking prior market structure to the upside. This was the first tell tell sign that Gold still has a lot of upside potential. This chart analysis paired with what is happening globally and more specifically in the US fundamentally i do believe Gold could be seeing a return to the price of $2,070 and potentially even push higher. A great entry would be to wait for a break of the bullish wedge, a retest of trendline/order block before higher prices.
We will see what happens. What do you think will happen with Gold?
We will see what happens. What do you think will happen with Gold?