BullBearMkt

Many Hurdles For Gold To Overcome Before Achieving 1950 Level

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
In our last post on gold , question was raised about the possibility for gold to rally up to 1950 before the year end, looking at seasonality of the precious metal. Last trading week's activities indicate that gold now has herculean tasks before this can be achieved (but not impossible).

-Scenario 1: Dotted Red Line - Recent pullback upward pattern is showing a bearish wedge (flag) & price might as well go down
-Scenario 2: Solid Red Line - Gold has been making series of Higher-High & Higher-Low which is strength, but need to rally above 1907 level FAST, else there will be a pullback to its mean
-Scenario 3: Solid Black Line - Gold rally above 1907 FAST, now face with resistance at 1925 level; which invariably can cause a pullback
-Scenario 4: Which is not shown on the chart, is for gold to have easy ride to 1950 mark! Uuuhmmm, I want to doubt it but it's not impossible though.

Only time will tell, but I lean more on Scenario 3, ceteris paribus!!!

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Comments

Looks like it may be leaning more towards Scenario 1 now, what do you think?
Reply
BullBearMkt JamesWoon
@JamesWoon, only bullish news from Dollars or positive news on COVID-19 can possibly cause that!!!
+1 Reply
BullBearMkt LondonTradingGroup
@LondonTradingGroup, IF price gapup at market open, then price may be heading up
Reply
@BullBearMkt, When a price gaps up, doesn't it usually fill it short? Your channel is holding nice bro
Reply
BullBearMkt LondonTradingGroup
@LondonTradingGroup, You are correct! Most times the gap will be filled, however, that is more bullish than dovish. Thanks for the compliment.
Reply