The bullish fundamentals plus clear cup and handle on weekly chart suggest a bullish outlook for gold.
In this context, multiple factors suggest that now is a good time from opening a long position:
1. price bounced from daily 200MA and from support trendline
2. stochastic over sold, rsi turning upward
3. price action around the zone 1850-1860, which seems to have not the strenght for pushing down the price
4. Elliott count shows that the ABC correction ( the handle of the cup) is done and now a new uptrend started
I will be glad to receive any comment\feedback since i am a novice in trading ;)
In this context, multiple factors suggest that now is a good time from opening a long position:
1. price bounced from daily 200MA and from support trendline
2. stochastic over sold, rsi turning upward
3. price action around the zone 1850-1860, which seems to have not the strenght for pushing down the price
4. Elliott count shows that the ABC correction ( the handle of the cup) is done and now a new uptrend started
I will be glad to receive any comment\feedback since i am a novice in trading ;)
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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.