Due to the high amount of requests for Gold, here are my two cents:
The odds Gold can grow up until $1550 strongly depend on the outcome of this 3D, looking at where this is struggling right now to hold up, the SMA50 (needs a good bounce from here, little sideways possible), nagging on the R2-Yearly Pivot and the Quarterly Pivot. A decline would be rather bearish nature and likely press down to as low as $1350 levels if breaking $1450. Even if this is solving bullish now, there is going to be the risk of the double top formation.
I have marked the important mid - & long term levels for you to watch closely. At the moment, if someone decides to buy, it would be rather allright to secure, if this is not planned as a long term investment. (Around 3%)
Warm regards,
Neru
The odds Gold can grow up until $1550 strongly depend on the outcome of this 3D, looking at where this is struggling right now to hold up, the SMA50 (needs a good bounce from here, little sideways possible), nagging on the R2-Yearly Pivot and the Quarterly Pivot. A decline would be rather bearish nature and likely press down to as low as $1350 levels if breaking $1450. Even if this is solving bullish now, there is going to be the risk of the double top formation.
I have marked the important mid - & long term levels for you to watch closely. At the moment, if someone decides to buy, it would be rather allright to secure, if this is not planned as a long term investment. (Around 3%)
Warm regards,
Neru
Trade closed: target reached
Target reached, possible double top, so be aware that a dump can happen with further down options. Next possible long target could be the Yearly Pivot R1.
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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.