TheRealMongoose

Bullish on GOLD XAU (I think Gold traders are in denial stage )

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
I am bullish on Gold spot, I see Gold in Bollanger Band squueze suggesting increase in Voltility, along with HVP is in a contrction phase Id look for that to get a low read and look for the break out, PSAR has the break level aroung 1999, volume will be key, MACD histogram is shifting with postive momentum, I believe many Gold traders haven't fully recognized golds price action reversal, after all it was bearish to nuetral for months, which I did manage to accumulate gold, from 1700 levels, and was doubtful as well.

Gold has also Golden crossed MEMA's 50/200 Last week Friday on the daily, Monthly and Quarterly charts also suggest gold is healthy.

I have also back tested Gold this week when price went to 1865 levels where I did add to my Gold postion, and price bounced from there that was another supporting factor im my bullish bias, the Gold price held.

Gold RSI current HL trajectory, but need to definitively break above 1900

TheRealMongoose
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.