Gold outlook, bullish on higher timeframes
Updated
Gold is considered as a riskless investment in India, because of this, its INR chart is just like any other cryptocurrency chart. The other reason can be the decrease in the value of INR. But, at the same time, Gold has a completely different story with USD. It has taken healthy corrections and currently it is in the correction phase only.
It is bullish on the higher timeframes.
Monthly
Gold has broken its year 2011 all-time high in Aug 2020 and currently consolidating below it. We can see long wicks for the last 4 or 5 months on monthly chart. There is a high selling pressure, but it is near breakout with some news in the favour of gold.
Weekly
It has retraced thrice from the Golden Level of Fibonacci, consolidating in a Triangle, took one fake out, might go for another soon.
Daily
It is trying to break the trendline, nearing the fib circle which is a major trend reversal point.
P.S. This is just an analysis, I have not described where to take entry and exit. Contact me personally on any social media platform for the entry points.
Read this paragraph only if you're free lol
In the Gold vs Bitcoin race, Gold is still winning because it holds physical value. This might go on for 10 or 20 years as gold is still backed by the world banks and the investment bankers, you can’t argue with them as they have more knowledge in the field, and they will always give an excuse that it doesn't hold any physical value. And they are obviously not fools because if Bitcoin becomes a legal tender, they will all lose their jobs as Bitcoin is 'decentralized'.
It is bullish on the higher timeframes.
Monthly
Gold has broken its year 2011 all-time high in Aug 2020 and currently consolidating below it. We can see long wicks for the last 4 or 5 months on monthly chart. There is a high selling pressure, but it is near breakout with some news in the favour of gold.
Weekly
It has retraced thrice from the Golden Level of Fibonacci, consolidating in a Triangle, took one fake out, might go for another soon.
Daily
It is trying to break the trendline, nearing the fib circle which is a major trend reversal point.
P.S. This is just an analysis, I have not described where to take entry and exit. Contact me personally on any social media platform for the entry points.
Read this paragraph only if you're free lol
In the Gold vs Bitcoin race, Gold is still winning because it holds physical value. This might go on for 10 or 20 years as gold is still backed by the world banks and the investment bankers, you can’t argue with them as they have more knowledge in the field, and they will always give an excuse that it doesn't hold any physical value. And they are obviously not fools because if Bitcoin becomes a legal tender, they will all lose their jobs as Bitcoin is 'decentralized'.
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