XAUUSD Gold : Is Gold's recent rise a good time to buy? 17.5
Let's look at facts and be practical.
Gold jumped by $30 in the last 24 hours.
But is this the beginning of a new rally or a dead cat bounce?
1) Gold kept to higher lows with trend-line support kept since March 2020.
2) Gold broke above consolidation triangle and continued to rally with the bullish breakout all the way to $2070 back in March this year.
3) Inflation is not going to go away, Gold is a natural hedge to that - The main reason Gold was dropping from $2070 to $1790 is overall market panic and not bad fundamentals.
4) A big part of the bearish movement was standard correction down after a big huge spike up and an overbought position.
Now let's look at key levels within the immediate range and slightly longer term.
1790-1800 is key support.
1830-1840 is key resistance to break and with a 4h candle close above 1840 we can expect 1910-20 within days.
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Thank you so much for reading! If you found my idea useful please like and follow! It would mean a lot to me.
Let me know in the comments what you think of my idea and any questions are welcomed of course and will be answered in detail.
I am not a financial advisor and do recommend doing your own research and being cautious when trading.
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Gold jumped by $30 in the last 24 hours.
But is this the beginning of a new rally or a dead cat bounce?
1) Gold kept to higher lows with trend-line support kept since March 2020.
2) Gold broke above consolidation triangle and continued to rally with the bullish breakout all the way to $2070 back in March this year.
3) Inflation is not going to go away, Gold is a natural hedge to that - The main reason Gold was dropping from $2070 to $1790 is overall market panic and not bad fundamentals.
4) A big part of the bearish movement was standard correction down after a big huge spike up and an overbought position.
Now let's look at key levels within the immediate range and slightly longer term.
1790-1800 is key support.
1830-1840 is key resistance to break and with a 4h candle close above 1840 we can expect 1910-20 within days.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Thank you so much for reading! If you found my idea useful please like and follow! It would mean a lot to me.
Let me know in the comments what you think of my idea and any questions are welcomed of course and will be answered in detail.
I am not a financial advisor and do recommend doing your own research and being cautious when trading.
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Trade active:
Break above 1840 is on!
1860 is key level
1880 is key level
1910-20 is next.
There may be range trading between 1840 to 1860 until 1860 breaks with a solid candle close.
Above that is 1880-1860 range and finally 1910-20 as immediate targets as projected.
GOOD LUCK!
1860 is key level
1880 is key level
1910-20 is next.
There may be range trading between 1840 to 1860 until 1860 breaks with a solid candle close.
Above that is 1880-1860 range and finally 1910-20 as immediate targets as projected.
GOOD LUCK!
Trade active:
1840 and 1860 looks to be broken! 1880 is within reach , after that 1910-1920
