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GOLDCFD

Don't battle the Bear, ride the channel - GoldGold is clearly doing a channel down to get rid of the unhealthy belly it has accumulated during the past few years (especially during the lockdown). Do not expect a reversal soon. There are no indicators of a price reversal yet. Instead of battling the Bear, ride the channel down. Buy when it touches lower bound and sell when the price bounces back. Do not hold long positions too long. Do not hold short positions too long either. Ride the channel in short term, when gold indicates a clear reversal pattern start going long. Gold loves retests, so avoid taking long positions because of FOMO. You will always get a second chance. This is a note to myself. Published as an idea, not as advice to anybody.
TVC:GOLDLong
by titusj
4
Gold could be on the way for a retestGold was at its highest in Aug 2020 and started a downward channel. Gold did two retests at $1960 and failed. Price fell up to $1676 until it finds a strong support level. For the first time in 7 months, Gold shows us a double bottom pattern in the daily chart. The price did not close below the bullish support line coming from 2019-2020. If bullish support holds up again Gold could go up to $1825. Gold would not be generally bullish until it breaks both resistance levels at horizontal $1776 and channel down $1825. In short term, Gold would be bullish within the channel. This is just an idea, not a financial advice. Do your own research.
TVC:GOLDLong
by titusj