Gold's development - weekly chart
I just wanted to highlight my thoughts on gold. This is the pattern I see developing currently, of course there will be variations and multiple attacks from both sides... I'm using calculations for moving averages on the weekly chart. I'm already long gold without leverage. I'm looking to add aggressively with leverage for the reversal aiming at retesting the ATH. My goal and premium entry will be around $1537-$1550 zone which is on the extremely oversold side. I'm looking for a reversal and the angle of attack on the 10 period MA to turn positive.
This zone ($1537-$1550) has been the floor for the previous old ATH from a decade ago. I expect a retest and that lines up perfectly with the 40 period MA on the monthly chart. I don't expect professional money to let gold slip higher without a deeper correction, there's multiple hints / story building the weekly chart that support this case... Do your own research. The correction will give people that missed the last leg opportunities to build bigger positions for the next move. I still belive "the long gold" trade to be one of the best trades to take this decade (together with other commodities/crypto - a.g. bet against the dollar weakness).
This zone ($1537-$1550) has been the floor for the previous old ATH from a decade ago. I expect a retest and that lines up perfectly with the 40 period MA on the monthly chart. I don't expect professional money to let gold slip higher without a deeper correction, there's multiple hints / story building the weekly chart that support this case... Do your own research. The correction will give people that missed the last leg opportunities to build bigger positions for the next move. I still belive "the long gold" trade to be one of the best trades to take this decade (together with other commodities/crypto - a.g. bet against the dollar weakness).
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