Gold analysis
Updated
Gold has a daily, weekly and monthly uptrend in place.
The monthly resistance has to break on Monday, or else we will see gold fall lower, to test support levels on chart.
The green trendline must hold for the daily uptrend to continue, this creates a high energy cone, where price will break sharply from, either up or down.
Daily buy zone on chart is good to go long against, with stop loss at 1232.30 but probability of success has become lower than 60% at this time, so I don't want to rush in.
The ideal zone to go long, is the monthly support below, with stop loss under 1117.87, targetting prices over 1500 in the long term.
If price breaks below this support, gold's long term downtrend will surely resume.
Please leave your comments below.
Cheers,
Ivan.
The monthly resistance has to break on Monday, or else we will see gold fall lower, to test support levels on chart.
The green trendline must hold for the daily uptrend to continue, this creates a high energy cone, where price will break sharply from, either up or down.
Daily buy zone on chart is good to go long against, with stop loss at 1232.30 but probability of success has become lower than 60% at this time, so I don't want to rush in.
The ideal zone to go long, is the monthly support below, with stop loss under 1117.87, targetting prices over 1500 in the long term.
If price breaks below this support, gold's long term downtrend will surely resume.
Please leave your comments below.
Cheers,
Ivan.
Note
There are two other 13 day levels slightly higher too (green boxes)
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