GOLD: Atm at a long buy-in with an incredible Risk-Reward ratio!
Updated
Hate being repetitive, this is just a midnight, somewhat of a short update.
Getting directly to the point:
a) GOLD , fell out of an upward wedge and was falling down for the major part of today(stopped around the psychological support of 1240*whole number), until it reached the 1.62 ret support of the falling wedge. Short term prospects from this wedge would be the top of the larger(grey market) falling wedge @1247-1248 with a good probability of breaking out of the wedge and targeting the medium-term marked target.
b) Now, that everyone knows that gold is at a good buy point, technically the bottom is @ around 1236.37, however I do see a large benefit with potentially entering the market at the current level, and perhaps buying some more if it actually goes all the way down to 1236.37.
c)Both the DXY index and most of the stock indexes took a hit today amidst the discouraging economic news from Asia & Mexico and the threats of a potential trade war(even though I rarely factor in such "news" from Asia in the charts, potential trade war just cannot be disregarded in any case). These news however should pertain to the rise in GOLD , silver and other assets that posses mostly a fundamental value. A weak dollar(from DXY) is the elephant in the room that can take GOLD to new heights, although I don't think that the dollar is about to go down anytime soon. This is due the fact that in order for any potential drawbacks from a trade war, to be noticed/recorded we must wait until the following quarter(Q3), until then, traders gonna speculate as much as they can. As a rule of thumb, when a potential crash happens or such news have a very bad effect on the stock market, most of the investors run directly to the safe heaven of Gold&Silver... always!
To sum it up, the current risk-reward ratio is just too good to be avoided, not mentioning the all the oversold indicators.
-For a more long term analysis, click on the posts down bellow-
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.
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-Happy trading folks-
Disclaimer:
//This is not a buy/sell sign, you decide what to do with your own money!//
If you liked my take on GOLD, comment your thoughts, agree or follow for more interesting TA's, it's all very well appreciated, cheers.
Getting directly to the point:
a) GOLD , fell out of an upward wedge and was falling down for the major part of today(stopped around the psychological support of 1240*whole number), until it reached the 1.62 ret support of the falling wedge. Short term prospects from this wedge would be the top of the larger(grey market) falling wedge @1247-1248 with a good probability of breaking out of the wedge and targeting the medium-term marked target.
b) Now, that everyone knows that gold is at a good buy point, technically the bottom is @ around 1236.37, however I do see a large benefit with potentially entering the market at the current level, and perhaps buying some more if it actually goes all the way down to 1236.37.
c)Both the DXY index and most of the stock indexes took a hit today amidst the discouraging economic news from Asia & Mexico and the threats of a potential trade war(even though I rarely factor in such "news" from Asia in the charts, potential trade war just cannot be disregarded in any case). These news however should pertain to the rise in GOLD , silver and other assets that posses mostly a fundamental value. A weak dollar(from DXY) is the elephant in the room that can take GOLD to new heights, although I don't think that the dollar is about to go down anytime soon. This is due the fact that in order for any potential drawbacks from a trade war, to be noticed/recorded we must wait until the following quarter(Q3), until then, traders gonna speculate as much as they can. As a rule of thumb, when a potential crash happens or such news have a very bad effect on the stock market, most of the investors run directly to the safe heaven of Gold&Silver... always!
To sum it up, the current risk-reward ratio is just too good to be avoided, not mentioning the all the oversold indicators.
-For a more long term analysis, click on the posts down bellow-
.
.
.
-Happy trading folks-
Disclaimer:
//This is not a buy/sell sign, you decide what to do with your own money!//
If you liked my take on GOLD, comment your thoughts, agree or follow for more interesting TA's, it's all very well appreciated, cheers.
Trade active
Breakout on (D) from the fractal. Gratz once again to anyone that followed my advice and bought in around 1240 and held as noted in the analysis above.
-Happy trading folks-
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