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UGL

Gold is shining ☀️: Breakout of falling channel, Big Bull FlagGold had very strong move yesterday and broke up the falling channel which is very huge bull flag. Right now price approaching supply zone. There is two posible scanarios: As you see drawed in chart, 1st scenario is pull back to retest higher edge of the falling channel and fibo level 0.236 (@1914.2) and then continuation in direction of bull trend. 2nd scanario more likely to happen, in my opinion will be a breakout the supply zone and then pull back to retest it. My target is 0.5 fibo level @2082.1 If you like the idea, do not forget to support with a 👍 like and follow. Leave a comment that is helpful or encouraging. Let's master the markets together.
COMEX:GC1!Long
by Tomasgei
1
Gold Miners Could Pullback Before Resumption of Trend.Gold prices have been volatile, flucuating between $1,275 and $1,220 as markets remain indecisive on what stance to take: is the Federal Reserve going to continue hiking assuming the economy will "gradually improve," or with traders continue to look for safer locations to place there cash? According to recent capital flow data, the GLD has seen redemption as market participants choose to overlook the weakening global economy and its implications. Nevertheless, with inflows into risk ETFs like SPY and HYG, gold miners could see their shares pull back from this historic gold run. Technically, after GDX broke out of a longer-term downtrend, price action began to oscillate within a narrow ascending channel. Prices are likely to pullback to channel and price action support of $19.80, while a confirmed break (or daily close below support), miners could fall to $18.85 and, potentially, $17.85 - also nearing the 50-day EMA. However, if the popular mining ETFs can remain above support, price action could challenge $21.88 and $23.03. Overall price action and trend momentum still remain rather supportive to the upside. Please feel free to comment and share charts! And follow me @Lemieux_26 Check my posts out at: bullion.directory www.investing.com www.teachingcurrencytrading.com oilpro.com
AMEX:GDX
by CommoditiesTrader