📯Don't go long on gold yet - here's what you need to look for📈
Updated
Today gold finished the week at $1,743 - just on top of monthly resistance.
This is an important area because it's on every trader's gold chart, and is prone to fake outs for that reason.
As pointed out in my chart this area has produced 4 fake outs to date since May, but is this one different?
What I would like to see next week is for gold to stay above this level all week and maybe $10-20 space between support.
This will give gold both time and space away from monthly resistance, and gives greater weight to monthly resistance being broken, and this being a real breakout.
If gold can stay above this level for a good amount of time and make space away from monthly resistance, on any sort of meaningful pull back into $1,740 I'd be looking to make a long entry.
I do not plan to make any entries as of right now, because price action is still playing out.
Chart looks bullish on the 4 hour, RSI is building momentum, next week I want to see a follow-through of this momentum to give more weight towards this being a breakout.
Have a question? Feel free to leave a comment below and I'll answer :).
This is an important area because it's on every trader's gold chart, and is prone to fake outs for that reason.
As pointed out in my chart this area has produced 4 fake outs to date since May, but is this one different?
What I would like to see next week is for gold to stay above this level all week and maybe $10-20 space between support.
This will give gold both time and space away from monthly resistance, and gives greater weight to monthly resistance being broken, and this being a real breakout.
If gold can stay above this level for a good amount of time and make space away from monthly resistance, on any sort of meaningful pull back into $1,740 I'd be looking to make a long entry.
I do not plan to make any entries as of right now, because price action is still playing out.
Chart looks bullish on the 4 hour, RSI is building momentum, next week I want to see a follow-through of this momentum to give more weight towards this being a breakout.
Have a question? Feel free to leave a comment below and I'll answer :).
Note
As mentioned on June 20th, gold has now broke upward, if we get any re-test of the $1,740 area, it's a good buy to go long.Note
Nailed it!
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