GOLD | Will Bull Flag and Global Events Help Gold Rise?Hey, ladies and gentlemen. In my personal opinion, while everyone else is thinking about gold falling again, I believe it’ll probably just keep rising to collect all the stop losses of the bears.
Although the bullish trendline was broken recently, it’s creating a new trendline, probably a little bit thicker than the previous one. I think now, with this trendline, it’ll hunt for the record highs it reached before the election.
What’s interesting is not just the price action, but also global events like the USA closing its embassy in Ukraine due to fear of escalation by Russia after what Ukraine used against them. Also, there’s a bullish flag forming right in front of our eyes.
So, I’m pretty much certain, with a 75% chance, that it may keep rising. Also, what I wanted to point out is that my previous position proved to many people that stop losses placed far away are the correct way to work with the current gold situation.
That’s why here’s my new 8th position:
Opening: 2648
Take Profit: 2655
Stop Loss: 2590
Nonetheless, even with 75% or 99% certainty, you should never use your entire deposit during a trade. This is not a game of luck—treat this job as a business.
With that being said, let’s see now what’s going to happen.
