Gold - Time To Close Out Partial Profits!
Updated
Gold (
GOLD) is now back to the upper channel resistance:
Click chart above to see the detailed analysis👆🏻
After breaking above the plsychological $2.000 level, Gold created such an incredible rally, massively outperforming stocks and even cryptocurrencies over the past couple of months. Therefore, it is quite likely that big institutions will take some profits at the current levels.
Levels to watch: $2.700, $2.000
Keep your long term vision,
Philip (BasicTrading)
GOLD) is now back to the upper channel resistance:Click chart above to see the detailed analysis👆🏻
After breaking above the plsychological $2.000 level, Gold created such an incredible rally, massively outperforming stocks and even cryptocurrencies over the past couple of months. Therefore, it is quite likely that big institutions will take some profits at the current levels.
Levels to watch: $2.700, $2.000
Keep your long term vision,
Philip (BasicTrading)
Trade active
Trading update on Gold (GOLD):
Click chart above to see the detailed analysis👆🏻
Gold is really currently struggling to create any more bullish price action and it seems like Gold might slowly be running out of steam. After the +50% rally, it is just expected that Gold will correct some of the previous move, maybe even back to the breakout level at $2.000.
Levels to watch: $2.700, $2.000
Keep your long term vision,
Philip (BasicTrading)
Trade active
Trading update on Gold (GOLD):
Click chart above to see the detailed analysis👆🏻
Gold is still sitting at the current resistance level but did not show any signs of weakness yet. It could also be possible, that Gold breaks out of the channel like back in 2010 but it is definitely too early to tell. Price action over the next weeks will be extremely important.
Levels to watch: $2.700, $2.000
Keep your long term vision,
Philip (BasicTrading)
Trade active
Trading update on Gold (GOLD):
Click chart above to see the detailed analysis👆🏻
Gold just smoked all upside targets and is also attempting a channel breakout, which could even lead to much higher prices. Just look at what happened in 2009, Gold broke out of the channel and rallied another +80%. At the moment, Gold is still not ready yet though.
Levels to watch: $2.700, $4.700
Keep your long term vision,
Philip (BasicTrading)
Trade active
Trading update on Gold (GOLD):
Click chart above to see the detailed analysis👆🏻
Gold is closing its monthly candle exactly at the upper resistance trendline of the rising channel. So far, everything is still possible, especially if next month we see a move lower from here. Taking partial profits at this level is definitely a very smart thing to do.
Levels to watch: $2.700, $4.700
Keep your long term vision,
Philip (BasicTrading)
Trade closed: target reached
Trading update on Gold (GOLD):
Click chart above to see the detailed analysis👆🏻
The only level to watch right now on Gold is the current level exactly at the upper resistance channel trendline. If this month we see a move lower - and Gold is closing below the trendline - then we will have a confirmed false breakout, which could ultimately lead to a healthy correction.
Levels to watch: $2.700
Keep your long term vision,
Philip (BasicTrading)
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👇🏻|Free "Trading Newsletter"
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