Gold 2021 bulls vs bears

Updated

This is a personal dilemma since I do not trade gold just gold mines :)
Disclaimer: simply asking myself how we could see beginning of the 2021 and gold positioning in it so do not base your trading moves on this idea since I am a rookie and trying to only see how trends for gold will run next year...
Feel free to leave a comment what you think will be the direction, it is not a poll just curiosity to see how you see this crossroad of the end of the year :)
Happy trading everyone...

Comment

So what happened since Dec 2020 with this gold channel. Gold tried to break out of it and was pushed back on January 6th to bearish channel which it started in August 2020 from its highest $2070 all time high!
As described in my latest idea from March, gold has retested 1670 twice in couple weeks and now its in very interesting position.
Today closed position at 1729 will be tested on Monday with gap after market opens. If it can hold and steady leave the bearish channel after confirmation we might be finally see long term bullish direction.
In case the resistance will be too strong gold might be still falling in bearish channel and the next stop would be $1500 support form March 2020!
This is pure philosophical thinking based on simple graphs and current Ev cars industrial revolution. Since gold is a metal the prices of other EV metal materials are closely following its footsteps and heavy investors would like to have these in reach for fairly still cheap prices so Ev cars trendline will be influencing gold prices in near future a lot IMO.
Not a pro in trading just observing and enjoying what I see. Happy Easter holiday and safe trading to all.

craigtata

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