W Formation is forming nicely on Gold and we are just waiting for a breakout.
There are MANY elements to include in this analysis.
1. There was a fakeout with a Descending triangle which broke above the resistance showing the bullion buyers were not going to give up.
2. The downtrend has broken and the price has entered into a bull market.
3. Investors are most likely going to a safer haven since the Binance VS FTT Soap Opera drama shook the crypto world where the coin dropped 80% sending Bitcoin and Ethereum 15% and 17% down in just 24 hours. This has spooked the market and has most likely scared investors back to gold.
I'm waiting for a breakout $1,740 but have a bullish bias
Target $1,840
Your thoughts?
There are MANY elements to include in this analysis.
1. There was a fakeout with a Descending triangle which broke above the resistance showing the bullion buyers were not going to give up.
2. The downtrend has broken and the price has entered into a bull market.
3. Investors are most likely going to a safer haven since the Binance VS FTT Soap Opera drama shook the crypto world where the coin dropped 80% sending Bitcoin and Ethereum 15% and 17% down in just 24 hours. This has spooked the market and has most likely scared investors back to gold.
I'm waiting for a breakout $1,740 but have a bullish bias
Target $1,840
Your thoughts?
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.