Gold isn't ready to buy yet
I've been trading gold for many years and I can say that I have a pretty good handle gold's behaviors.
While I think many think now might be the right time to buy gold as it is "really low" at least by comparison, I don't think so.
Gold Buys slowly and overtime, big bull spikes while they do occur they typically aren't the catalyst for the actual bull push. You'd typically find bearish spikes as these are the fake move.
What I mean by this is I think gold may continue to sell until it starts to slowly create higher highs and higher lows only to break out slowly after that.
The fact that gold is so bearish currently, it is likely to go up to get rid of these sellers within this orange zone (which I have re-analyzed) to the level I've highlighted (black line) and then drop.
But why am I choosing this line in particular, well I've studied gold for such a long time - I've noticed that it actually likes to play between obvious levels rather than go directly to them.
These are just my thoughts and I wouldn't act on them (for sells) until it actually decides to start going bearish. So even if I am wrong about this, who cares lol
While I think many think now might be the right time to buy gold as it is "really low" at least by comparison, I don't think so.
Gold Buys slowly and overtime, big bull spikes while they do occur they typically aren't the catalyst for the actual bull push. You'd typically find bearish spikes as these are the fake move.
What I mean by this is I think gold may continue to sell until it starts to slowly create higher highs and higher lows only to break out slowly after that.
The fact that gold is so bearish currently, it is likely to go up to get rid of these sellers within this orange zone (which I have re-analyzed) to the level I've highlighted (black line) and then drop.
But why am I choosing this line in particular, well I've studied gold for such a long time - I've noticed that it actually likes to play between obvious levels rather than go directly to them.
These are just my thoughts and I wouldn't act on them (for sells) until it actually decides to start going bearish. So even if I am wrong about this, who cares lol
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