We have confirmation that GOLD is bullish for the coming weeks, however, any dips are going to be short-lived. So, we are going with the third scenario that we expected.
Target 2: 1950
Target 3: 2000
In my analysis, any deeper dips will be another buying opportunity for traders and earn great risk to reward.
Watch out for Gold to break out on either side. There are 3 possible scenarios I see with GOLD.
1) Reversal from the current point
2) Touches previous high and dives
3) Makes higher high and breaks out of the structure
Probably 2 sell and 1 buy opportunity coming soon.
As we can see, from this Gold chart we have a clear ascending Wedge/Pennant pattern. What is the next move for Gold?
Using the past few weeks of data and news from the FED my personal Bias is LONG on XAUUSD. I believe that Gold will break to the upside out of this pattern and hit $1800 before this pandemic is over. I am adding positions to Gold (as you can see...