Gold on the cusp of a possible major breakout
As I previously posted Gold is looking bullish and Gold has a number of factors which point to the possibility of a major breakout such as:
1. The 20/50/100/200 DEMA are aligned in a descending order which is a sign of a bull market.
2. Gold has been trapped in an ascending triangle for the previous few days and has closed at the top of the formation.
3. An inverse head and shoulders has been formed and if the neck line is broken it indicates a possible move of $132.
There are also fundamental factors pointing to this possibility:
1. Negative real rate of interests.
2. Central banks easy money policy and their comfort with higher inflation.
3. New strain of Corona off setting vaccine optism.
4. The possibility of a Georgia win by Democrats which would give them control of the Senate.
The breakout would be the confirmation required for the bull market which I believe has already started and the possibilty of new highs in Gold is very much on the cards in 2021.
1. The 20/50/100/200 DEMA are aligned in a descending order which is a sign of a bull market.
2. Gold has been trapped in an ascending triangle for the previous few days and has closed at the top of the formation.
3. An inverse head and shoulders has been formed and if the neck line is broken it indicates a possible move of $132.
There are also fundamental factors pointing to this possibility:
1. Negative real rate of interests.
2. Central banks easy money policy and their comfort with higher inflation.
3. New strain of Corona off setting vaccine optism.
4. The possibility of a Georgia win by Democrats which would give them control of the Senate.
The breakout would be the confirmation required for the bull market which I believe has already started and the possibilty of new highs in Gold is very much on the cards in 2021.
การซื้อขายยังคงดำเนินอยู่:
breakout on the 1H chart but confirmation is dependent on the close in the daily chart.
การซื้อขายยังคงดำเนินอยู่:
Gold is currently facing some resistance at the 1935-36 level which is also a major resistance level however we also are not seeing any major selling so the trade continues to be active and Gold should be able to break this level.
การซื้อขายยังคงดำเนินอยู่:
LOL, just posted the update and Gold makes fresh daily high
ปิดการเทรด ด้วยตนเอง:
GOLD finding resistance at the 1945 level, expect a temporary retracement before continuing its bull run.
