The bull runs not finished
Welcome to all new highs we called it last week. We have since seen a big sell off with no news this week. Making gold fail to remain above the weekly resistance and putting us back into the weekly consolidation zone. Lets talk about fundermentals before we disscuss technicals. Gold still remains unchanged on a bullish reading and out look why. Central banks are buying gold aggressively Bank of America,
Goldman sacks, India, Tds bank, Jp morgan are all bullish on gold. We have expected rate cuts in September (which i called in may) which Is good for gold. Political and world wide tentions and war. These create uncertainty in the market good for gold. Let's not forget about trumps recent events and how he personally is making statements around many things creating tentions. Eg. With China. With Powell.
Edge finder now has a bullish reading rather then very bullish
All bullish fundermentals
Technically I am bullish on gold an till a break of 2361 area which is also the daily resistance zone which now acts as support. This is seen as a pull back. We have just created a higher high. Look at the last all time highs we have pulled back grabed liquidity and gone again. The bull runs not finished. Currently we sit under weekly resistance inside of a uptrend. Next week look for a continuation or break of this trend. Breaking trend we have 2 strong zones for longs back to the up side. 1st aoi is 2382.534 to 2379.197 here your ll find a 4hr engulfing candle refined and also inside the 0.5 Fibonacci golden zone. The next is 2363 to 2361 this is the daily resistance zone now acting as support also in side the 0.5 golden zone. Breaking this a bearish out look starts to play. There is a liquidity zone at the 2350 level that's has seen many pushes up and acts as support. These are aois for setups for longs.
Goldman sacks, India, Tds bank, Jp morgan are all bullish on gold. We have expected rate cuts in September (which i called in may) which Is good for gold. Political and world wide tentions and war. These create uncertainty in the market good for gold. Let's not forget about trumps recent events and how he personally is making statements around many things creating tentions. Eg. With China. With Powell.
Edge finder now has a bullish reading rather then very bullish
All bullish fundermentals
Technically I am bullish on gold an till a break of 2361 area which is also the daily resistance zone which now acts as support. This is seen as a pull back. We have just created a higher high. Look at the last all time highs we have pulled back grabed liquidity and gone again. The bull runs not finished. Currently we sit under weekly resistance inside of a uptrend. Next week look for a continuation or break of this trend. Breaking trend we have 2 strong zones for longs back to the up side. 1st aoi is 2382.534 to 2379.197 here your ll find a 4hr engulfing candle refined and also inside the 0.5 Fibonacci golden zone. The next is 2363 to 2361 this is the daily resistance zone now acting as support also in side the 0.5 golden zone. Breaking this a bearish out look starts to play. There is a liquidity zone at the 2350 level that's has seen many pushes up and acts as support. These are aois for setups for longs.
Related publications
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.
Related publications
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.