Following my previous idea, the fundamentals still bullish, the technicals still bullish. On the technical side, S&D lines along with fibonacci analysis are drawn there in the chart. As for fundamentals, even with FED rate hikes, London fix manipulation, the price is set to keep rising in the short and long run. Gold seems to be slowly switching from a commodity asset type (last 5 years) into a safe heaven asset type, so beware with any action from central banks, this time market injections might not work as expected by the authorities.
My fist idea, the first circle in the chart, faced some congestion and delayed a bit, I see two new possible targets, same price, different time depending on the congestion and how the price behaves this end of year with the upcoming news and corrections in the market to come.
Good luck!
My fist idea, the first circle in the chart, faced some congestion and delayed a bit, I see two new possible targets, same price, different time depending on the congestion and how the price behaves this end of year with the upcoming news and corrections in the market to come.
Good luck!
Note
Today the week could finish at 1293, 1292. Check the intersection of lines at the end of the darker grey area (fibo).Note
Ok, above expectations. It went through up until 78% fib. Have a nice weekend!Note
One note regarding my previous comment on 78% fib. Yes, 78% fib from oct 16th - oct 27th is also concurrent with 38% fib from sep 8th - oct 6th movement. Expect some heavy congestion/resistance there.Note
The market is pretty active. Correction ongoing, whatch for 23% fib to hold at 1274, and the support channel. Otherwise we might have to recalculate for a future larger correction. Those on low leverage, hold. For our leveraged folks, you might want to watch those levels for a breakout as exit signal in order to protect your investment.Note
Good opportunity for a new low-leveraged buy position.Note
As expected, low at 1277, back above 1290, if 1292 is broken then we could easily see prices at 1297 soon. Watch for that resistance level. After that, a new correction might be in play, support at 1282/3, later to hit 1300 level again.Note
All according to what was expected so far. Expect a correction by 1284, or even as low as 1278/6. Below those numbers we might see a turning point to lower levels or even a trend change, that's a signal to exit and wait for lower numbers to buy. If those numbers hold, 1300 targets still the same. Have a nice weekend.Note
So far so good. I see Gold slightly accelerating. But remember this is a highly manipulated market and we would see several stones in the path. I imagine the same fate for Bitcoin once the CME futures materializes.Nevertheless, the markets can be manipulated for some time, the timeframes can be extended, but sooner or later the fundamentals prevail. And these are all bullish fundamentals for Gold.
We might have the chance to see the price above 1300 this year. We'll see.
Note
Ok, correction time. Asian session could be a return to higher prices BUT, in any case I'm moving my stops to 1275/6, if those levels are tested, we could see a new downtrend move and I'll be out in profit waiting for a new lower price to enter. Let's see how it moves until tomorrow. Have a nice one.Note
Ok, stops protected those 3 trades. But to 0. I'll close this idea and follow up on new ones looking for a possible new entry point. Have a nice once.
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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.