A bullish flag breakout on the Daily time frame can see the yellow metal head towards the 1555 level. Amid concerns on a trade deal between USA and China.
With Brexit still expected to go through at the end of Jan 2020 - this could rock the markets and cause Gold to push even higher.
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In the chart we are looking to take longs as the bulls are nearly ready...
GOLD has just retested a very low price point region and has just formed a head and shoulders pattern on the 1 hour timeframe.
Along with RSI and MACD confirmation this enough for me to BUY big lots in gold holding this position till at least the 1494 price point, however we could be expecting all time highs!!
Hold positions for as LONG as possible :)
The chart suggests that GOLD will regain upward momentum after hitting a well respected support zone (indicated in yellow) and possibly continue up to 1516.00 price points with the possibility to continue further into record highs.
However, due to golds volatility today the possibility of a breakout of this zone is looking more and more likely, which could be the...
Gold is shortly approaching a well respected trend line around the 1483.25 price mark. Signs of a potential long forming with breakouts to highs of 1505.00 price regions.
Potential 3.45 risk/reward ratio
Can you see why this would have been the perfect place to BUY gold? if not then open your bloody eyes! Look how strong of a support zone this is... doesn't take a brain surgeon to see this.
This is a zone where people take profit from short trades after the big drop... Think differently and you will see the markets differently. CHANGE YOUR MINDSET!!!