When panic takes over the market, gold is frequently the flight to safety commodity. Why? Something about the currency of a post-apocalyptic world being gold and guns. We certainly saw that flight to gold in this most recent market sell-off and despite the sharp rally we've seen in the S&P, gold has been reluctant to lose value.
I've highlighted a bullish pennant on the hourly chart with a daily chart just below it to give context of where we are coming from. Fundamentally and technically, buying gold on a break of its top pennant trendline makes sense. The move measures up to $1318.
Buy gold on an upside trendline break
Target: $1318
Stop: $1282
I've highlighted a bullish pennant on the hourly chart with a daily chart just below it to give context of where we are coming from. Fundamentally and technically, buying gold on a break of its top pennant trendline makes sense. The move measures up to $1318.
Buy gold on an upside trendline break
Target: $1318
Stop: $1282
Note
The price is still being controlled by the top line here. However, my guess is that this breaks on the next move up.Note
This is likely to trigger today.Order cancelled
Broke to the downside after all of that, trade canceled.
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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.
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.