We have hit a perfect double top in gold futures at 1767.9 (1767.2 first low in Nov) on a monthly time frame. Cycles are up and selling volume is decreasing. As long as gold doesn't close below 1767.2 this week - it is one of the most bullish assets on the planet right now! However, remember to be cautious because futures trading involves a substantial risk of loss and is not suitable for all investors.
Note
1767 is also 50% of the trading range MAR2020-AUG2020 period - very important support level and this week gold decides whether to pass it or not...Note
I sincerely apologise, I have only just a noticed a mistake in the name of the idea - it is a double bottom not a double top. Late night ideas...Note
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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.