Gold analysis this week: inday trade expectations
hello traders,
Gold maintains a significant increase of 8% for the month, and, more importantly, for the quarter, it has had $160 gain that translated to a near 9% win.
There is potential bearish break for the metal as shown in the chart and zones 1949.16-1934.73 with regards to supply.currently we are on uptrend awaiting for confirmation of the break....thats the main focus potentially by mid week.
The bias on gold is still long and adding a cherry to the frosting on the gold cake was the metal’s proximity to the $2,000 perch for much of this month. In the past two weeks, Comex futures have breached $2,000 on six occasions, reinforcing expectations that it will get to $2,100 in due course to set a new record high.
more updates will be shared as we progress through the week.
Safe trading and as always RISK MANAGEMENT is key.
Gold maintains a significant increase of 8% for the month, and, more importantly, for the quarter, it has had $160 gain that translated to a near 9% win.
There is potential bearish break for the metal as shown in the chart and zones 1949.16-1934.73 with regards to supply.currently we are on uptrend awaiting for confirmation of the break....thats the main focus potentially by mid week.
The bias on gold is still long and adding a cherry to the frosting on the gold cake was the metal’s proximity to the $2,000 perch for much of this month. In the past two weeks, Comex futures have breached $2,000 on six occasions, reinforcing expectations that it will get to $2,100 in due course to set a new record high.
more updates will be shared as we progress through the week.
Safe trading and as always RISK MANAGEMENT is key.
Comment:
as expected gold broken through the rising triangle structure and has breached 2000 with a nice bull rally........congratulations to those who were able to catch the trade
we expect the week to be interesting,wether or not we get a pullback is upto confirmation chance
we expect the week to be interesting,wether or not we get a pullback is upto confirmation chance
strong start to the week means good opportunity for inday entries