Gold looks ripe to launch in April style - yet again!
After MONTHS of waiting, consolidating and fake outs, Gold GC1! appears to have what it takes to launch a cenet breakout rally and continue its long term trend UPwards.
Given this at a time when USD 1.9T was dished out, and the next round of trillions in infrastructure spending, it forms the fundamental basis of the technical outlook.
On the Gold weekly chart, we see that price itself maintained well from the 1600 target I set out last year (or earlier)... a bullish indication, which is accentuated by the last 8 weeks of candlestick price action. a higher low and nice long tails encourage a recent higher high to test the 55EMA this coming week.
Then the RPM and MACD appear favourable for that 55EMA test.
Underlying these, we can also see that the Largest 8 Traders (lowest panel) have been increasing their holdings, almost halving the net short positions as prices dip below 1800.
The Daily Gold chart (right) shows the recent higher low action, and the technicals are also aligned for a rally good rally attempt with the MACD is just crossing over into bullish territory as prices break out of an immediate down trend line.
Look out for Gold from this week!
(Co-incidentally, it was two weeks two years ago at the end of April 2019 that I called for a bullish stance on Gold. Seems like it may be seasonal)
Given this at a time when USD 1.9T was dished out, and the next round of trillions in infrastructure spending, it forms the fundamental basis of the technical outlook.
On the Gold weekly chart, we see that price itself maintained well from the 1600 target I set out last year (or earlier)... a bullish indication, which is accentuated by the last 8 weeks of candlestick price action. a higher low and nice long tails encourage a recent higher high to test the 55EMA this coming week.
Then the RPM and MACD appear favourable for that 55EMA test.
Underlying these, we can also see that the Largest 8 Traders (lowest panel) have been increasing their holdings, almost halving the net short positions as prices dip below 1800.
The Daily Gold chart (right) shows the recent higher low action, and the technicals are also aligned for a rally good rally attempt with the MACD is just crossing over into bullish territory as prices break out of an immediate down trend line.
Look out for Gold from this week!
(Co-incidentally, it was two weeks two years ago at the end of April 2019 that I called for a bullish stance on Gold. Seems like it may be seasonal)
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