Gold forms upper monthly cup, buys to 3279 levelDear traders, I am Conan! Today, I want to share with you an extremely exciting update on medium and long-term gold. Overall, Gold is currently at a historic peak and all signs indicate that prices will continue to explode in the coming years. As you can see On the chart, we can see a strong developing cup and handle pattern on the monthly timeframe. This is a strong signal for gold's long-term growth to at least 2500 this year.
So do you wonder why the price of gold will increase?
The cup and handle pattern was fully confirmed with the bullish engulfing candle closing above the neckline. This shows that buying pressure is increasing strongly and the possibility of prices increasing further. As this pattern breaks out, we can expect gold prices to double in the next few years. This is definitely an extended bull market that you don't want to miss!
Gold trading strategy
For long-term investors: Buy gold and hold. You can expect significant and steady profits in the coming years. The gold market is on a strong growth trajectory, and long-term holding would be a smart strategy.
For trend traders: Focus on a buy/long strategy. Avoid short selling gold as this will reduce your chances of success. Follow the trend and take advantage of it.
For day traders: Place only buy orders and possibly sell gold with limit orders set above the current price. Avoid trading bearish breakouts as they often lead to loss of liquidity and reversals.
The buying strategy thus became very aggressive at highs with the maxim (the trend is your friend), and in maintaining this high Conan applied the excellent Fibonacci opener from Tradingview with golden expectations and projections will continue to rise and react at the 1.618 FIB extension (i.e. 3279 level). So follow my account to stay up to date with the latest information!